Specimen Dealing Code

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

  • Specimen Dealing Code
  • Schedule 1
  • Schedule 2
  • Schedule 3

Specimen Dealing Code

This Precedent is a memorandum that sets out the details of the ‘specimen’ dealing code. The specimen dealing code is the product of an industry-led development of codes, guidance and best practice prepared by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance and other market participants who agreed that it would be of great benefit for listed and quoted companies to be able to turn to an equivalent version of the Financial Conduct Authority’s (FCA) Model Code. The Model Code was deleted by the FCA as a consequence of the implementation of the Market Abuse Regulation (EU) No 596/2014 on 3 July 2016.

Companies with a premium listing of equity shares were required to comply with the Model Code, which restricted persons discharging managerial responsibilities (PDMRs) dealing in the companies’ securities. The assumption is that listed companies will apply the dealing code to PDMRs and those other individuals whom they wish to be covered by the company’s process when PDMRs and those other individuals deal in the company’s securities.

The notification periods for PDMR transactions contained in Article 19(1) of the UK Market Abuse Regulation (Retained Regulation (EU) 596/2014) are being amended on 29 June 2021 to provide that a PDMR must make a notification to the company and the FCA within three working days

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