In the UK, the introduction of MAR has led to certain significant amendments to the Financial Services and Markets Act 2000 and the FCA Handbook, largely to repeal or recast guidance or rules that have been replaced by, or may have conflicted with, the new directly applicable MAR requirements.
In addition, on 13 April 2016, the London Stock Exchange ("LSE") issued AIM Notice 44, the purpose of which was to consult on proposed changes of the AIM Rules for Companies in light of MAR coming into effect on 3 July 2016. The key proposals were to:
- amend the guidance on AIM Rule 11 (General disclosure of price sensitive information) to clarify that AIM Companies will have to comply with both AIM Rule 11 and Article 17 of MAR;
- amend AIM Rule 17 (Disclosure of miscellaneous information) to remove the notification requirement in relation to directors' dealings which is satisfied by complying with Article 19 of MAR;
- incorporate a new rule on dealing policy; and
- clarify AIM Rule 41 (Cancellation) which deals with the circumstances in which the LSE might waive the requirement for shareholder approval to cancel securities which are or will be admitted to trading on an EU regulated market or an AIM Designated Market.
On 14 June 2016, the LSE published AIM Notice 45 to announce that following the consultation, all of the consequential changes envisaged in AIM Notice 44 would be made to the AIM Rules for Companies and Nominated Advisors and the AIM Note for Investing Companies, save that the definition of applicable employee for the purposes of AIM Rule 21 (Dealing policy) and the respective guidance were also amended. The new versions of the rules came into effect on 3 July 2016.
AIM Notice 44 can be accessed here:
http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aim-notice-44.pdf
AIM Notice 45 can be accessed here:
The revised AIM Rules for Companies can be accessed here:
The revised AIM Rules for Nominated Advisers can be accessed here:
The AIM Note for Investing Companies can be accessed here:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
