The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Please note that the contents of this Practice Note reflect the former market abuse regime in effect in the UK under the Market Abuse Directive (2003/6/EC) (MAD) that was in force in the UK until 3 July 2016 when the Market Abuse Regulation came into effect. The Market Abuse Regulation repealed and replaced MAD. Financial Services has updated content on the Market Abuse Regulation which can be found in the following content: Market Abuse Regulation (MAR)—essentials, Market Abuse Regulation (MAR)—level 2 and level 3 measures, Market Abuse Regulation (MAR)—one minute guide and Market Abuse Regulation (MAR)—timeline and the text of the Market Abuse Regulation (EU) 596/2014. This note and related notes on aspects of the pre-Market Abuse Regulation UK market abuse regime have been retained for reference purposes but state the law as at 2 July 2016.
The market abuse regime under s 118 of the Financial Services and Markets Act 2000 (FSMA 2000) exists alongside the criminal offences of insider dealing under s 52 of the Criminal Justice Act 1993 (CJA 1993) and of making misleading statements, misleading impressions and misleading statements etc in relation to benchmarks under ss 89-91 of Financial Services Act 2012 (FSA 2012). At an EU level, the Market Abuse Directive (MAD) (Directive 2003/6/EC) covers both insider dealing
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