Publication
Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Global | Publication | August 5, 2016
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On August 2, 2016 the London Stock Exchange (LSE) published an edition of Inside AIM in which it noted that AIM Notice 45 endorsed the Financial Conduct Authority’s (FCA) supervisory approach in respect of closed periods and preliminary results under the Market Abuse Regulation (MAR) and confirmed that when the European Securities and Markets Authority (ESMA) provided clarification on this topic, the LSE would review the AIM Rules for Companies (the AIM Rules).
In July 2016, ESMA updated its Q&A on MAR. ESMA’s updated Q&A includes a question on closed periods and preliminary results and mirrors the FCA’s approach. Given the clarification by ESMA, the LSE does not consider it necessary to amend the AIM Rules.
The Inside AIM edition also links to a set of frequently asked questions (FAQ) for AIM companies and their nominated advisers, with regard to the disclosure obligations contained within MAR and the AIM Rules, which were published by the LSE on August 2, 2016.
The specific issues addressed in the FAQ include the following:
(LSE, Inside AIM: Market Abuse Regulation – Closed periods and preliminary results, 02.08.16)
On July 29, 2016 the Financial Conduct Authority (FCA) published Handbook Notice No. 35 which sets out changes made by the board of the FCA to the FCA Handbook under various instruments on June 29, 2016 and July 28, 2016. The instruments include:
On July 29, 2016 the Takeover Panel released a statement announcing changes to several Practice Statements as a result of the amendments to the Takeover Code (the Code) made in accordance with the Panel’s July 2016 Response Statement (2016/1) on the communication and distribution of information during an offer.
The Practice Statement changes, which are listed below, will come into effect, together with the Code changes, on September 12, 2016:
In addition, the Panel’s statement provides that Appendix B of RS 2016/1 and Instrument 2016/1 (by which the amendments set out in RS 2016/1 were given effect) contained an error in relation to the new Rule 20.2(c)(ii) in that the words ‘the financial performance of’ should not have been included. A new instrument (Instrument 2016/5, which supersedes Instrument 2016/1) has been published correcting this error.
Publication
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
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