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Mar Article 14 Notes

LPC Law Notes > Public Limited Companies Notes

This is an extract of our Mar Article 14 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 14 - Don't Insider Deal and Don't Tell Anyone Inside Information

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

Definition of Market AbuseMarket Abuse is a concept that encompasses unlawful behaviour on the financial markets (MAR Recital 7)There is a prohibition on insider dealing and unlawful disclosure of inside information (MAR Article 14)A person shall not: Engage or attempt to engage in insider dealing Recommend that another person engage in insider dealing Induce another person to engage in insider dealing Unlawfully disclose inside information

Insider Dealing occurs where someone: (MAR Article 8)Possesses inside information and uses that information to acquire, dispose, cancel, amend shares to which that info relates Recommends that a person engage in insider dealing or induces another person to engage in insider dealing (MAR Article 8(2))-

To recommend or induce, someone must: Possess inside information Recommend on the basis of that information another person acquire or dispose, cancel or amend an order And must know or ought to know that the recommendation or inducement is based upon inside information (MAR Article 8(3))

They do not have to intend to commit market abuse (FCA MAR 1.2.3)

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