Market Abuse Regulation - Obligations for Investment Funds

Introduction

The Market Abuse Regulation (EU 596/2014) (“MAR”) together with the Market Abuse Directive on criminal sanctions for market abuse (Directive 2014/57/EU (‘CSMAD’) became applicable in Ireland and across the European Union on 3 July 2016. MAR replaces the previous Market Abuse Directive (2003/6/EC).

MAR applies to issuers with securities listed or traded on regulated markets (“Regulated Markets”), Multilateral Trading Facilities (“MTFs”) and Organised Trading Facilities (“OTFs”) within the EU.

Issuers with securities listed on Regulated Markets, MTFs and OTFs in the EU, including the Regulated Market (“RM”) and Global Exchange Market (“GEM”) of Euronext Dublin, should carefully review the obligations under MAR and to adopt policies and procedures to ensure compliance with the regulations.

For the purpose of this memorandum MAR, CS MAD, together with the implementing regulations and guidance are collectively referred to as (“the Regulations”).

If you have any questions on MAR, please contact a member of our Listing Team or your usual Financial Services contact.