• MAR Delegated Act: On 17 December 2015 the European Commission published a Delegated Regulation under the Market Abuse Regulation (MAR), based on technical advice from ESMA and supplementing MAR as regards indicators of market manipulation, minimum thresholds for exemption of certain participants in the emission allowance market from the requirement to publicly disclose inside information, the competent authority for notifying delays in disclosures, permission for trading during closed periods, types of notifiable managers’ transactions and exemption from MAR for certain third countries public bodies and central banks. The Delegated Regulation will come into force along with MAR on 3 July 2016.
  • Disclosure of inside information: Responses to the FCA’s November 2015 Consultation Paper 15/38 on delaying disclosure of inside information under the FCA’s Disclosure and Transparency Rules must be submitted by 20 February 2016. Following the recent case of Ian Hannam v FCA1 the FCA proposes to amend guidance on when inside information disclosures can legitimately be delayed, in a manner which is consistent with current Market Abuse Directive and with the Market Abuse Regulation, which comes into effect across the EU in July 2016.
  • Handling of confidential and inside information: On 10 December 2015, the FCA published Thematic Review TR15/13 entitled ‘Flows of Confidential and Inside Information’. This is relevant to all firms providing financial services or performing financial activities, including those dealing in commodity derivatives. The FCA sets out its findings in three areas: Circumstances Posing Heightened Risk; Culture, Conduct and Responsibility; and Systems, Procedures and Infrastructures.
  • UK MAR implementation – FCA consultation: The FCA published a consultation entitled ‘Policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation2 in November 2015. The deadline to respond to this consultation is 4 February 2016.
  • UK Government consultation on MAR implementation: HM Treasury are consulting on a draft statutory instrument (SI), the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016, which would change UK legislation to implement the Market Abuse Regulation. HM Treasury seek comments by 4 February 2016, although this draft SI will be subject to further policy and legal review and amendment before being finalised.
  • AMF fine: France’s Autorité des Marchés Financiers handed down a decision on 4 December 2015 fining Virtu Financial Europe (formerly Madison Tyler Europe) and Euronext Paris SA €5 million each, for market manipulation and breaching Euronext market rules, and for failing to operate with neutrality and impartiality, respectively. Euronext has since announced it will appeal this decision.