The UK implementation of the Market Abuse Regulation
Produced in partnership with Mark Compton and Lauren Smith of Mayer Brown International LLP

The following Financial Services practice note produced in partnership with Mark Compton and Lauren Smith of Mayer Brown International LLP provides comprehensive and up to date legal information covering:

  • The UK implementation of the Market Abuse Regulation
  • Background to the UK implementation of the Market Abuse Regulation
  • FCA consultations regarding implementing the Market Abuse Regulation
  • Consultation papers
  • Policy statements
  • Summary of FCA PS16/13 and PS17/2
  • Areas where the FCA were allowed discretion in implementation
  • The delay of disclosure of inside information
  • The Model Code
  • The Code of Market Conduct
  • More...

The UK implementation of the Market Abuse Regulation

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following 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: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background to the UK implementation of the Market Abuse Regulation

The Market Abuse Regulation came into effect on 3 July 2016. It aims to increase market integrity and investor protection and enhance the attractiveness of securities markets for capital raising. The Market Abuse Regulation strengthens the previous UK market abuse framework by extending its scope to additional markets, platforms and behaviours. It contains prohibitions on insider dealing, unlawful disclosure of inside information and market manipulation, and provisions to prevent and detect these.

The Market Abuse Regulation applies to:

  1. financial instruments admitted to trading on a regulated market or for which a request for admission to trading on a regulated market has been made

  2. financial instruments traded on a multilateral trading facility (MTF), admitted to trading on an MTF, or for which a request for admission to trading on an MTF has been made

  3. financial instruments traded

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