On 3 July 2016, the EU Market Abuse Regulation (MAR) (EU 596/2014) replaced the Market Abuse Directive (MAD) and the current UK regimes for market abuse and inside information.
HM Treasury laid implementing regulations before Parliament last Wednesday to remove overlapping provisions of existing domestic law and to provide for enforcement of MAR by the FCA. The FCA published the outstanding Policy Statement on enforcement provisions, and also its Primary Market Bulletin reflecting amendments to, and deletions of, various Technical Notes to implement MAR.
The new regime is supplemented by further European legislative and supporting material consisting of:
- regulations containing delegated acts, regulatory and implementing technical standards, which set out detailed requirements and templates for complying with MAR;
- directive by way of an implementing act supplementing MAR;
- a range of guidelines to be issued by the European Securities and Markets Authority (ESMA), addressed to member states and/or market participants.
The majority of firm-facing regulatory and implementing technical standards have come into application, or have been adopted by the Commission and are subject to European Parliament and Council approval. The guidelines have yet to be published in final form. A list of the European regulations and subsidiary measures, including their current status, can be found here.
To guide you through the first six months under the new regime, we will be issuing fortnightly "bitesize" updates providing concise snapshots of a number of key practical areas of interest under MAR.
In our first "bitesize" update on MAR, published on our blog, we focus on the impact that MAR will have on listed companies' decisions to delay the disclosure of inside information in the UK.