This is an extract of our Mar Article 17 document, which we sell as part of our Public Limited Companies Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Public Limited Companies Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
AR Article 17 - A company should tell people about inside information without delayMAR is designed to protect an orderly market Everyone gets information at the same time and no one has an unfair advantage.Level 1 regulation is like primary legislation. Level 2 is secondary legislation - the detail is delegated to these. Level 3 is ESMA guidelines.Listing Rule 7.1 The listing principles provide overarching principle that we must communicate property with our shareholders and no one can have an advantage The listing principles in 7.2.1 apply to every listed company The listing principles in 7.2.1A apply to premium listed companiesListing Principles in 7.2.1 Listing Principle 1 - must have adequate procedures to ensure you comply with its obligations Premium Principle 6 - A listed company must communicate information in such a way as to avoid the creation of a false market in those listed sharesOne of our obligations to communicate may well be drawn from the duty in Article 17(1) MAR that requires us to communicate inside information (as defined in Article 7).
Does MAR Apply?Apples to financial instruments submitted to a regulated market (MAR Article 2) Includes AIM because MAR 2 specifies Multilateral Trading Facility
MAR Article 17(1) An issuer shall inform the public as soon as possible of inside information which directly concerns that issuerAre we an Issuer?
MAR Article 3 Para 21 - Issuer is defined as someone who issues Financial Instruments on a multilateral trading facility 2016/1055 Article 3 Para 1 - Points us towards below to define Financial Instruments 2014/55 MiFID II Article 4(1) Para 15 - Financial Instruments are defined in Annex C Annex C - Lists all types of 'Transferable Securities' Transferable Securities are Shares.MTF catches both AIM and MM
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