The Market Abuse Regulation (MAR) has direct effect as law in the United Kingdom from 3 July 2016. Broadly, it replaces the current regime in relation to the disclosure of and delaying the disclosure of inside information and insider lists, and imposes obligations on dealings and related notifications by persons discharging managerial responsibility (PDMRs), as well as establishing procedures for market soundings. The key issues and actions for issuers of GDRs are summarised below.
What is changing for GDR issuers?
While broadly the rules relating to inside information are not changing, the related record-keeping requirements under MAR are more onerous than under the existing regime. Of particular note, under MAR dealings by PDMRs in GDRs will now need to be disclosed. There are also significant new requirements relating to the scope and nature of disclosure of dealings by PDMRs, including in relation to processes and timing for notifications as well as in relation to closed periods. MAR also introduces a new safe harbour for the disclosure of inside information in certain market soundings so long as its procedures and record-keeping requirements are satisfied.
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