MAR’s top three concerns revealed

Author: Tom Young | Published: 2 Feb 2017

European market participants are still wrestling with fundamental aspects of the Market Abuse Regulation (MAR) almost eight months after it became effective.

Introduced on July 3 2016, MAR is intended to stamp out market malpractice, including insider dealing. Replacing the previous Market Abuse Directive, it affects most market participants, including banks, funds, investment firms, and the majority of EU issuers.

But its first few months have not been smooth. Here, issuers and underwriters counsel reveal how they are struggling with insider lists, labelling of inside information and finding consistency on market sounding.

Insider lists

One of the key provisions under MAR is an enhanced requirement to maintain insider lists, which now extends to companies listed on exchange regulated markets.

Under the rules issuers, or those acting on their behalf, must prepare a list of all those with access to inside information and update it when required, stating the date and...



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