The EU Market Abuse Regulation or MAR takes affect from 3 July 2016. It updates the Market Abuse Directive (MAD), in force since July 2005, to reflect technological and market developments, it seeks to better align the market abuse regime with the Markets in Financial Instruments Directive (MiFID),which has also been recast, and aims to better harmonise the regime across all EU Member States.
MAR therefore updates the civil offences of insider dealing and market manipulation. Although there is a Directive on Criminal Sanctions for insider dealing and market manipulation (CSMAD) this does not apply in the UK. The relevant criminal law continues to be set out in Part V of the Criminal Justice Act 1993 on insider dealing and remains unaffected. As does, Part 7 of the Financial Services Act 2012 on misleading statements and impressions.
There are a host of requirements that must be accounted for, and implemented, the importance of each depending on your business. Of course, a tick box approach to regulation is no longer sufficient but it can represent a starting point. As an aide to help your preparation, here is our non-exhaustive checklist of key items that you should consider:
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