Key takeaways

• A new Market Abuse Regulation[1] (“MAR”) will apply throughout the European Union from July 3, 2016.
• Once MAR becomes effective, issuers with a Standard listing of shares and debt (and potentially, also ADRs/GDRs) on the London Stock Exchange (“LSE”) will be required to implement senior manager reporting obligations and trading restrictions that currently apply only to Premium-listed companies.
• Companies that were previously not subject to the European market abuse regime, for example, issuers with securities trading on the LSE’s ATT-Only platform and Eurobond issuers on a multilateral trading facility, will need to adopt appropriate internal policies by July 3, 2016 in order to comply with the new obligations.