The following Corporate practice note provides comprehensive and up to date legal information covering:
This Practice Note considers the obligations regarding the disclosure and control of inside information under the Market Abuse Regulation (EU) No 596/2014 (Market Abuse Regulation) which came into effect in the UK on 3 July 2016, as well as the guidance from the Financial Conduct Authority (FCA) set out in Chapter 2 of the Disclosure Guidance and Transparency Rules (DTR).
The operation of the UK listing and prospectus regime may be affected by Brexit. In particular for the purposes of this note, in relation to proposed changes to the market abuse regime in the event of a no deal scenario. For further details on these and other issues, see Practice Note: Brexit—UK listing and prospectus regime.
Article 17 of the Market Abuse Regulation sets out the obligations of an issuer relating to the public disclosure of any inside information which directly concerns it. In summary, an issuer must inform the public as soon as possible of inside information which directly concerns it. This information must be made public and posted on the issuer’s website for at least five years.
Who is an issuer?
Under the Market Abuse Regulation an issuer is a:
‘legal entity governed by private or public law, which issues or proposes to issue financial instruments, the issuer being in the case of depositary receipts representing financial instruments, the issuer of the financial
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