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ARTICLE · 02 DECEMBER 2014

Market Abuse Update

Charles Russell Speechlys LLP
Charles Russell Speechlys LLP
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Charles Russell Speechlys LLP

Charles Russell Speechlys LLP

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In May we provided an update on the status of the European proposals to replace the existing Market Abuse Directive with a Regulation on insider dealing and market manipulation.

United KingdomCorporate/Commercial Law
Mark Howard
Mark Howard
Lucy Macpherson
Lucy Macpherson

Introduction

In our May newsletter we provided an update on the progress and status of the European proposals to replace the existing Market Abuse Directive (MAD) with a Regulation on insider dealing and market manipulation (MAR) and the Directive on criminal sanctions for insider dealing and market manipulation (CSMAD).  Both MAR (Regulation 596/2014) and CSMAD (Directive 2014/57/EU) were published in the EU Official Journal on 12 June 2014.  MAR, as with all Regulations, shall have direct effect, and shall automatically apply to all Member States from 3 July 2016 completely replacing the MAD regime.  In the UK, MAR shall replace Part VIII (Section 118ff) FSMA (Financial Services and Markets Act 2000) and the FCA's MAR (Code of Market Conduct).   

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