Unfortunately these requirements are not contained in a single comprehensive standalone document. the disclosure guidance published by the FCA (DTR 3).Commission Implementing Regulation 2016/523 laying down implementing technical standards with regard to the format and template for notification and public disclosure of managers' transactions in accordance with MAR.Commission Delegated Regulation 2016/522 dealing with permission for trading during closed periods and types of notifiable managers' transactions.The following rules and guidance on dealings by PDMRs and PCAs now apply to AIM Companies: Notification of dealings by PDMRs and PCAs and restrictions on dealings by PDMRs: the rules and guidance for AIM Companies The implementation of MAR in the UK is not affected by the vote to leave the EU. However the QCA, ICSA and GC100 have now published a dealing code and policy document to fill this vacuum. The Model Code which has previously served as a reference point for many AIM Companies is being deleted from the Listing Rules as it is not compliant with MAR. In turn PDMRs must identify their PCAs, inform them of their obligations in writing and keep a copy of that notification. The FCA has explained that in its view when an issuer announces preliminary results which contain all inside information expected to be included in the annual report, the closed period, where dealing is prohibited, is immediately before the preliminary results announcement.Įach AIM Company must identify its PDMRs and maintain a list of PDMRs. The MAR closed period is 30 days before the announcement of an interim financial report or a year-end report. PDMRs must not, subject to limited exceptions, during a closed period conduct any transactions on their own account or for the account of a third party which, directly or indirectly, relate to the shares or debt instruments of the company or to derivatives or other linked financial instruments. In addition, a new MAR closed period regime will be introduced. This change results from the implementation of the Market Abuse Regulation (MAR) in the UK. PDMRs and PCAs must notify the AIM Company and the FCA using a prescribed form. This briefing explains the new notification requirements which apply to dealings by persons discharging managerial responsibilities (PDMRs) and persons closely associated with them (PCAs) in securities of companies admitted to
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |