The following Corporate practice note provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Corporate lawyers?
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 as set out in Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation) 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 AIM Regulation.
The operation of the UK market abuse regime may be affected by Brexit. For further details, see Practice Note: Brexit—UK listing and prospectus regime.
Article 19 of the Market Abuse Regulation sets out the requirements regarding the disclosures to be made by:
a PDMR of an issuer
a person closely associated with a PDMR, and/or
an issuer, ie a legal entity governed by private or public law, which issues
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