Walkers Listing Services – Summer Bulletin 2016

Our Summer Bulletin informs you of a number of operational updates relevant to issuers of debt securities listed on the Irish Stock Exchange (ISE). In this edition we highlight the following key developments:

• The key changes brought about by the new Market Abuse Regulation ("MAR");
• Updates to the Irish Stock Exchange's Listing Rules; and
• Introduction of 24-hour turnaround times for supplements.

Changes to the Market Abuse Regime

As you may be aware, 3 July 2016 brought about the introduction of a new market abuse regime across the EU, replacing the market abuse regime that has operated in Ireland for the last 11 years. MAR outlines the revised market abuse framework and, in contrast to the previous regime which is based on a 2003 Directive, MAR is a regulation and will consequently be directly effective in the EU Member States. Dispensing with the need for domestic legislation in the Member States will mean that application will be consistent across