Market Abuse Regulation – Update

£395.00 +VAT

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This course can also be presented face to face in-house or via live in-house webinar.

MAR Course Objectives:

Participants will:

  • Get to grips with the new MAR regime in the UK, including the different regulations and also their application to the AIM
  • Learn about the “safe harbours” relating to market abuse
  • Develop an understanding of the prohibition of insider dealing and market manipulation, including the “reasonable investor” test
  • Master the rules relating to the disclosure of inside information and “insider lists”
  • Be taught about the disclosure of managers’ transactions and the various sets of rules to comply with

MAR Course Content:

The new MAR regime

  • Replacement of Market Abuse Directive
  • UK law offences
  • EU Regulations, Standards and Guidelines and ESMA
  • FCA’s approach to MAR
  • Extended application covering MTFs such as AIM

Prohibition of insider dealing and market manipulation

  • Definition of inside information
  • Reasonable investor test
  • UK interpretation
  • Insider dealing and unlawful disclosure
  • Broadening of market manipulation

Disclosure of inside information

  • Requirements for public disclosure
  • Conditions for delaying disclosure
  • ESMA and FCA guidelines on legitimate interests
  • Notification to FCA of delays in disclosure
  • Standard for delaying disclosure and notification
  • DTR 2 and AIM Rule 11 and guidance

Safe harbours from market abuse

  • Market soundings standards and ESMA guidelines
  • Legitimate behaviour
  • Share buy-back programmes
  • Stabilisation

Insider lists

  • Responsibility
  • Technical Standard format with additional information
  • Requirements for AIM companies

Managers’ transactions

  • Changes in director/PDMR notifications
  • Annual thresholds
  • Technical Standard for disclosure format
  • Revised definition of closed periods
  • Exceptions from closed period dealing prohibition
  • DTR 3 guidance and deletion of Model Code
  • AIM Rule 17 and 21 changes and guidance
  • CLLS and Law Society Q&A and ICSA Dealing Code

Background of the trainer:

The trainer has spent over 20 years in the City advising on a wide range of corporate finance transactions. He now provides corporate finance training courses on takeovers, London listings and other UK market regulation, as well as providing independent corporate finance advice. His courses draw on his extensive technical knowledge and are illustrated with relevant examples from his own experience and recent transactions.

MAR Course Summary:

The EU Market Abuse Regulation (MAR) became applicable in the UK in July 2016 and will remain so at least until 2019 and probably longer, in spite of Brexit. This regulation replaces the Market Abuse Directive and the rules regarding inside information in DTR 2, the dealings of directors and other persons discharging managerial responsibility in DTR 3, and the Model Code.

The regulation is also applicable for the first time to AIM companies.

This course examines requirements of the new MAR, its technical standards and its guidelines and the changes this has brought to the UK market abuse regime and to rules for Official List and AIM companies. In addition to comprehensive slides, course documentation includes the forms required by the FCA and a copy of the Market Abuse Regulation and Delegated Regulation.

What Redcliffe’s clients are saying about the course:

“Comprehensive course that coevred all key elements. Helpful summary of relevant rules”

                                      –Head of Practice Development, Gibson, Dunn & Crutcher LLP

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“Helpful in highlighting both areas of change and issues of uncertainty – very detailed”

        Managing Associate, Mischcon de Reya

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“Comprehensive – covered all key elements”

Vice President, Hannam & Partners

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Discounts

5-6 participants – 20% discount,7-8 participants – 25% discount,Over 9 participants – 30% discount

Select-your-course-date

6 September 2018