Tag Archives: Inside Information

Hong Kong Court of Final Appeal clarifies “innocent purpose” defence to insider dealing

The Hong Kong Court of Final Appeal (CFA) has recently allowed the Securities and Futures Commission’s (SFC) appeal against the Market Misconduct Tribunal’s (MMT) findings that two former executives of a listed company (ATML), Mr Charles Yiu Hoi Ying and … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Hong Kong, Investigations, Sector Updates by Herbert Smith Freehills

#MAR_bitesize

MAR MONDAY On 3 July 2016, the EU Market Abuse Regulation (MAR) (EU 596/2014) replaced the Market Abuse Directive (MAD) and the current UK regimes for market abuse and inside information.  To help guide you through the first six months … Continue reading

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Filed under Europe, European Regulation, FCA, Regulatory Reform

Market Abuse Update: January 2016

In September, the European Securities and Markets Authority (ESMA) published the final draft of its technical standards for the Market Abuse Regulation (EU MAR), which will replace the current civil regime on 3 July 2016.  EU MAR and the associated … Continue reading

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Filed under EU, US

UK: The Davis Review: recommendations for improvement in FCA processes

On 10 December 2014 the FCA published the Davis Review in full together with the FCA’s formal response.   It provides a detailed account and analysis of the events leading up to and immediately after the publication of The Telegraph story … Continue reading

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Filed under FCA, UK

Australia: ASIC’s report card on handling confidential information – ‘could do better’

Following the selective briefing of analysts by Newcrest in mid-2013, ASIC announced that it would sit in on communications between companies and analysts during the next reporting season.  Armed with the output of that survey, as well as interviews of listed … Continue reading

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Filed under Australia

UK: FSA ups the ante for listed companies with £2.4m fine for LDTR breaches involving inside information

The Financial Services Authority (FSA) has published a final notice setting out its decision to fine Lamprell plc (Lamprell) £2,428,300 for significant failings in its systems and controls which resulted in breaches of the Listing Principles, the Disclosure and Transparency Rules (LDTR) and of the … Continue reading

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Filed under FSA, FSA Penalties, UK

Hong Kong: New statutory inside information disclosure regime and amendments to the Listing Rules come into effect on 1 January 2013 – are you ready?

The date when the new statutory disclosure regime for inside information under Part XIVA of the Securities and Futures Ordinance (“SFO”) comes into effect – 1 January 2013 – is fast approaching.  In November, the HK Stock Exchange published its consultation … Continue reading

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Filed under Asia, Hong Kong

The meaning of “information” for the purposes of the Australian insider trading offence

Elizabeth Macknay and Matthew J. Keogh review the High Court of Australia’s recent decision, Mansfield v the Queen [2012] HCA 49 regarding the meaning of “information” for the purposes of the Australian insider trading offence.

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Filed under Australia, Corporate Crime, Non-UK regulation

Harmonising the regulation of market abuse in Europe

The European Commission has published its proposals for a Regulation on insider dealing and market manipulation (“the Regulation”) and a Directive on criminal sanctions for intentional market abuse (“the Directive”). The new measures will extend the scope of the existing … Continue reading

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Filed under Europe, European Regulation, JURISDICTIONS, Regulatory Reform, UK