In this alert, we present the key lessons to be learned from the U.S. Securities and Exchange Commission’s (the SEC) settlement with Sound Point Capital Management, LP (Sound Point), and discuss whether a similar enforcement...more
on December 16, 2024, the FCA published its discussion paper (DP) ‘Regulating cryptoassets: Admissions & Disclosures and Market Abuse Regime for Cryptoassets’, marking another step forward in the development of the UK’s...more
EU Listing Act package simplifies listing requirements and post-listing obligations. Targeted amendments to MAR remove disproportionate complexity but preserve investor protection....more
The FCA has published Primary Market Bulletin No.42 which, amongst other things: (i) discusses themes from the FCA’s enquiries into unlawful disclosure of inside information (ii) highlights the relationship between the...more
This Client Alert examines the key issues that typically arise in non-convertible bond repurchase programs, before turning to the issues unique to repurchases of syndicated bank debt. It also looks at issues applicable to...more
Securities laws across France, Germany and the United Kingdom are widely comparable. Each country recognises the importance of maintaining a strong procedural framework of regulation and enforcement. The EU Market Abuse...more
On 11 November 2020, the FCA published a review of delayed disclosure of inside information (DDII) by issuers under MAR as part of its latest Primary Market Bulletin newsletter. As part of this review the FCA analysed all...more
The Financial Conduct Authority (FCA) conducted a review of Delayed Disclosure of Inside Information (DDII) notifications which identified a number of areas where it will be increasing its oversight in the future. This note...more
Companies subject to the EU Market Abuse Regulation (MAR), including companies listed on the London Stock Exchange, must disclose inside information to the market as soon as possible. There are very limited circumstances in...more
On 6 February 2020, Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (“FCA”), spoke at the 19th Annual Institute on Securities Regulation in Europe. His speech,...more
Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more
On 11 December 2019, a Regulation amending the Market Abuse Regulation and the Prospectus Regulation was published. The aim of these amendments is to increase the attractiveness of SME Growth Markets by reducing some of the...more
The measure is intended to align market practice with the principles laid down under the European market abuse regulation. The Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa, or...more
La normativa sugli abusi di mercato introdotta dal Regolamento (UE) n. 596/2014 (MAR) e dalla Direttiva 2014/57/UE (MAD2) prevede la non sanzionabilità per violazione del divieto di manipolazione operativa delle condotte...more
In the 2018 edition of this publication, we ended the introduction with the line, “We can only hope that we will enter 2019 with greater certainty than 2018 as to how the regulatory landscape will look.” Unfortunately,...more
Recent amendments to Italian law add a new chapter to the longstanding debate over the Italian dual-track system and its compatibility with the double jeopardy (ne bis in idem) principle. ...more
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more
Legislative Decree 107/2018 clarifies new reporting obligations, disclosure obligations, and sanctions, effective September 29. Italy has published in the Italian Official Gazette Legislative Decree no. 107 of August 10,...more
There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more
On 6 July 2017, ESMA updated its Q&A relating to the Market Abuse Regulation ("MAR") which included a clarification on the definition of a "closely associated person" for the purposes of Article 3(1)(26) of MAR. Under Article...more
On 31 July 2017, a new law was adopted to further implement and ensure the effectiveness of Regulation 596/2014 on market abuse ("Market Abuse Regulation"). This new law amends the law of 2 August 2002 on the supervision of...more
A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. ...more
The Situation: In July 2016, the Market Abuse Regulation ("MAR") came into effect, introducing detailed requirements for EU listed issuers regarding disclosure of inside information, with a view to fighting market abuse. ...more
The Italian Securities Commission (CONSOB) has approved two handbooks, “Management of Inside Information” and “Investment Reccomendations,” which offer guidelines under Market Abuse Regulation no. 596/2014 (MAR) and delegated...more
On January 1 2017, the German Federal Financial Supervisory Authority (“BaFin”) set up an online whistleblowing system allowing anyone to anonymously report alleged violations of supervisory law. BaFin is the national...more