The following Corporate guidance note provides comprehensive and up to date legal information covering:
This Practice Note considers the nature and purpose of stabilisation, the process of stabilisation, the potential offences that may arise when carrying out stabilisation and the safe harbour defence under Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation) and the Commission Delegated Regulation (EU) 2016/1052 supplementing the Market Abuse Regulation with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures (Buy-back and Stabilisation Regulation). For details of the stamp duty and stamp duty reserve tax implications of a stabilisation transaction see Practice Note: Stamp duty and SDRT implications of stabilisation transactions, including the over-allotment or greenshoe option (a subscription to Lexis®PSL Tax will be required).
The operation of the UK market abuse regime may be affected by Brexit. For further details of its impact see Practice Note: Brexit—UK listing and prospectus regime. For the purposes of this note, the principal change relates to the amendment of deficiencies in retained EU law relating to market abuse to ensure that it operates effectively in a no deal scenario.
a purchase or offer to purchase securities, or a transaction in associated instruments equivalent to such securities
undertaken by a credit institution or an investment firm
in the context of a significant distribution of the securities
exclusively for supporting the
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