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Mar Article 19 Notes

LPC Law Notes > Public Limited Companies Notes

This is an extract of our Mar Article 19 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:

MAR Article 19 - PDMRs should tell people when they deal in shares. They should not deal in closed periods. Legislation relevant to PDMRs buying and selling shares2016/522 EU 2016/523 EU 2016/1055 EU DTR 3 (just points to MAR) FSMA Regulations 2016 (implements a few points in the regulation)If a director or senior executive has dealt in company shares there may also be issues of Market Abuse Is he abusing inside information?
Civil and Criminal abuseMAR Article 19(11) - PDMR's should not deal during closed periods Are they a PDMR? (MAR Article 3(25)) Is it a closed period?MAR Article 19(12) - Unless they have clearance Company policy to never deal without permission Or notify within a day so there is time to notify under MAR Article 19(3)(Even if a PDMR has dealt in a closed period without clearance) Duty to notify issuer and competent authority (MAR Article 19(1) and (2)) Duty to notify public (MAR Article 19(3)) Duty to train PDMRs (MAR Article 19(5))Consider sanctions

Structure

Does MAR Apply?Apples to financial instruments submitted to a regulated market (MAR Article 2) Includes AIM because MAR 2 specifies Multilateral Trading Facility

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