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Compound Growth

8th June 2016

MAR: Delayed Disclosure of Inside Information

Once the new Market Abuse Regulations (MAR) take effect on 3rd July 2016, inside information will be required to be announced as soon as possible with delays permitted only when specific conditions are met.

Inside Information - Delayed Disclosures

Under MAR, where an issuer has delayed disclosing inside information in line with MAR Article 17, they must notify the UK regulator - the FCA - of the delay immediately after the public disclosure of the information and this must be done through completion of the FCA’s online form.

In preparation for MAR, the FCA has now published the Delayed Disclosure of Information Notification Form so that firms can become familiar with the requirements before July. To view the form, click here.

It should be noted that in accordance with the FCA’s Policy Statement on the Implementation of MAR (PS16/16 - issued at the end of April), issuers should only provide a written explanation of why the disclosure of inside information was delayed if the regulator so requests it.

However, for those credit and financial institutions that want to seek the regulator’s consent to delay the disclosure of inside information due to concerns over financial stability (under MAR Article 17(5) should initially call the FCA’s emergency telephone line on 020 7066 8354 to discuss.

Notifications by PDMRs - Persons Discharging Managerial Responsibilities

Under MAR Article 19, persons discharging managerial responsibilities – PDMRS – and those closely associated with them are required to notify both the issuer and the regulator of certain transactions in or related to the issuer’s financial instruments that are:

conducted upon their own account; and
are worth over €5,000 Euros

These notifications should be made promptly and no later than three business days after the transaction date and again should be made online to the FCA via their PDMR notification form, a copy of which can be viewed here.

MAR Implementation Support & Assistance:

If you would like to discuss how the new Market Abuse Regulation may affect your business and what you may need to do to finalise your MAR preparations, please contact our regulatory and compliance specialists who would be happy to discuss any enquiries you might have.