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 UK Market Abuse Regulation (Retained Regulation (EU) 596/2014) 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 EU Market Abuse Regulation took effect across the EU on 3 July 2016. Its stated goal was to establish a common regulatory framework on insider dealing, the unlawful disclosure of inside information and market manipulation (all forms of market abuse) as well as measures to prevent market abuse to ensure the integrity of financial markets in the EU and to enhance investor protection and confidence in those markets.
At the end of the Brexit implementation period (11 pm UK time on 31 December 2020), the EU Market Abuse Regulation was onshored into UK law and amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Commission Implementing Regulation (EU) 2016/1055 laying down implementing technical standards with regard to the technical means for appropriate public disclosure of inside information (Implementing Technical Standards for disclosure of inside information) was also onshored into UK law and amended by the FCA under FCA 2019/45: Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019. For more information see The UK listing and prospectus regime since 1 January 2021 in Practice Note:
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When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
This Practice Note considers the meaning and use of conditions precedent in commercial arrangements. It also considers typical conditions precedent and drafting issues.What are conditions precedent?A condition precedent in a commercial contract details an event which must take place before:•a
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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