Continuing obligations—transactions by a person discharging managerial responsibilities (UK Market Abuse Regulation and DTR 3)

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

  • Continuing obligations—transactions by a person discharging managerial responsibilities (UK Market Abuse Regulation and DTR 3)
  • Background
  • Applicable law and regulation
  • Scope
  • Identifying a PDMR and a PCA
  • Meaning of 'persons closely associated'
  • Notification obligations of PDMRs and PCAs
  • Obligation
  • Transaction threshold
  • Meaning of ‘transaction’
  • More...

Continuing obligations—transactions by a person discharging managerial responsibilities (UK Market Abuse Regulation and DTR 3)

This Practice Note focuses on the disclosures required in respect of transactions by a person discharging managerial responsibility (PDMR) and persons closely associated with them (PCAs) as set out in the UK Market Abuse Regulation (Retained Regulation (EU) 596/2014 as well as looking at the guidance from the Financial Conduct Authority (FCA) set out in Chapter 3 of the Disclosure Guidance and Transparency Rules (DTR) and from the London Stock Exchange in relation to AIM companies.

Background

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. For more information see The UK listing and prospectus regime since 1 January 2021 in Practice Note: Brexit—UK listing and prospectus regime and Practice Note: Brexit—UK Market Abuse Regulation—guide to

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