The Financial Conduct Authority (FCA) has published the 30th edition of its Primary Market Bulletin (PMB).
Topics covered in the PMB include:
- PDMR dealing notifications – It reminds persons discharging managerial responsibilities (PDMRs) of the importance of notifying dealings under the Market Abuse Regulation (MAR). This follows its first enforcement action for breach of the requirements (see our corporate update 2020/1). The PMB explains who a PDMR is, which transactions have to be notified and how notifications should be made.
- Guidance notes on the prospectus regime – The FCA has finalised updates to several of its technical and procedural guidance notes to reflect the EU Prospectus Regulation, including on Supplementary prospectuses (Primary Market/TN/605.3), Significant change statements (Primary Market/TN/628.3) and Exemptions from the requirement to produce a prospectus (Primary Market/TN/602.3).
- Proposed guidance note on the need for a prospectus on a scheme of arrangement – The FCA is consulting on a new technical note in relation to the prospectus requirements on a scheme of arrangement, which says that the FCA considers that a scheme of arrangement which has a mix and match facility involves an element of investor choice and therefore requires a prospectus (absent an exemption).
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