Share Dealing Rules—The Model Code under the Listing Rules (deleted under the Market Abuse Regulation)
Share Dealing Rules—The Model Code under the Listing Rules (deleted under the Market Abuse Regulation)

The following Corporate precedent provides comprehensive and up to date legal information covering:

  • Share Dealing Rules—The Model Code under the Listing Rules (deleted under the Market Abuse Regulation)

Please note that this precedent is for information only and is a memorandum setting out the details of the Model Code that was contained in the Listing Rules for the directors of a public limited company with a premium listing of its equity shares on the Official List of the Financial Conduct Authority. The Model Code was deleted by the FCA as a consequence of the implementation of Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation) which came into force on 3 July 2016. For further details on the Market Abuse Regulation see Practice Notes: Market Abuse Regulation (MAR)—essentials and Market Abuse Regulation (MAR)—level 2 and level 3 measures.

The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance (QCA) and other market participants published a guidance note and various specimen dealing codes to be used by listed and quoted companies from 3 July 2016. For further information on these documents see Practice Note: ICSA, GC100, QCA: Market Abuse Regulation (MAR) Dealing code and policy document.

The Model Code

Introduction

This code imposes restrictions on dealing in the securities of the company beyond those imposed by law. Its purpose is to ensure that persons discharging managerial responsibilities do not abuse, and do not place themselves under suspicion of abusing, inside information that they may be thought to have, especially in

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