Share incentives aspects of MAR and related guidance
Share incentives aspects of MAR and related guidance

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

  • Share incentives aspects of MAR and related guidance
  • Implementation of MAR in the UK
  • Guidance on MAR
  • Relevance of MAR to share incentives
  • Article 19 of MAR—notifable transactions
  • Circumstances in which a transaction must be notified
  • Article 19 of MAR—prohibition on PDMR transactions during closed period
  • The Chartered Governance Institute (formerly known as ICSA: The Governance Institute) Code: Industry-led dealing code and policy document
  • Key requirements of the Chartered Governance Institute (formerly known as ICSA: The Governance Institute) Code
  • In what circumstances will a person be prevented from dealing in shares under the Code?
  • More...

Share incentives aspects of MAR and related guidance

FORTHCOMING CHANGE: The Financial Services Act 2021, which comes into force in stages, includes amendments to the UK Market Abuse Regulation to change the timing within which persons discharging managerial responsibilities (PDMRs) and issuers must notify / disclose transactions by PDMRs. These changes—which are set out under section 30 of the Financial Services Act 2021—come into force on 29 June 2021. For further details, see Share Incentives weekly highlights—21 January 2021—Financial Services Bill 2019–21 has its first reading in the House of Lords and Share Incentives weekly highlights—6 May 2021—Finance Bill 2021.

Implementation of MAR in the UK

Regulation (EU) No 596/2014, the Market Abuse Regulation ( MAR), originally came into force on 3 July 2016 and was implemented directly into the UK, and provided a regulatory framework in relation to insider dealing, unlawful disclosure of inside information, market manipulation and measures to prevent market abuse. As a result, the Model Code in the Financial Conduct Authority (FCA) Listing Rules was deleted, and amendments were made to the FCA's Disclosure Rules in relation to the disclosure of transactions by persons discharging managerial responsibilities (PDMRs).

The European Union (Withdrawal) Act 2018 (EU(W)A 2018) created a framework and process for onshoring and preserving most EU and EU-derived law in order to ensure legal continuity following the UK’s exit from the EU. This included statutory

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