Continuing obligations—disclosure and control of 'inside information'
Continuing obligations—disclosure and control of 'inside information'

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Continuing obligations—disclosure and control of 'inside information'
  • Regulatory framework
  • UK Market Abuse Regulation
  • FCA Disclosure Guidance
  • AIM Companies
  • EU guidance published before 1 January 2021
  • Identifying inside information
  • Responsibility for disclosing inside information
  • When to disclose inside information
  • A sort delay where holding announcement made
  • More...

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).

Regulatory framework

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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