Inside Information

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ESMA provides guidance on disclosure of inside information and order cancellation under MAR

The European Securities and Markets Authority (ESMA) has updated today its Q&A on practical questions regarding the implementation of the Market Abuse Regulation (MAR). The updated Q&As include new answers regarding: Disclosure of inside information related to Pillar II requirements; and Blanket cancellation of orders policy. The purpose of this document is to promote common …

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SEC Files Charges in Trading Scheme Involving Confidential Government Information

The Securities and Exchange Commission today announced charges in an alleged insider trading scheme involving tips of nonpublic information about government plans to cut Medicare reimbursement rates, which affected the stock prices of certain publicly traded medical providers or suppliers. The SEC’s complaint alleges that David Blaszczak, a former government employee turned political intelligence consultant, …

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Former portfolio manager sentenced to 12 months imprisonment for insider dealing

In a prosecution brought by the Financial Conduct Authority (FCA) Mark Lyttleton, a former Equity Portfolio Manager at BlackRock Investment Management (UK) Limited, has today been sentenced to 18 months reduced with credit to 12 months on two counts of insider dealing. A confiscation order was also made in the sum of £149,861.27 and costs awarded …

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In a nutshell – The US Supreme Court on Insider Trading

What’s the news? The US Supreme Court yesterday decided in the case of Salman v. United States in favour of insider trading prosecutors. What is it about? Section 10(b) of the Securities Exchange Act of 1934 and the Securities and Exchange Commission’s Rule 10b–5 prohibit undisclosed trading on inside corporate information by persons bound by …

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ESMA issues final guidelines on inside information and commodity derivatives

The European Securities and Markets Authority (ESMA) has issued today final guidelines clarifying one element of the definition of inside information in relation to commodity derivatives under the Market Abuse Regulation (MAR). The new market abuse regime strengthens the existing market abuse framework. In particular, with regards to commodity derivatives, MAR is further specifying the …

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FCA fines Non-Executive Director for insider dealing and improper disclosure

The FCA has today fined Gavin Breeze £59,557 for engaging in market abuse in the form of insider dealing and has also publicly censured him for improper disclosure. The FCA found that Mr Breeze, who holds several directorships of private companies and is also a Non-Executive Director of one AIM listed business, attempted to sell …

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ESMA publishes guidelines on market soundings and delayed disclosure under MAR

The European Securities and Markets Authority (ESMA) has issued today final guidelines clarifying the implementation of the Market Abuse Regulation (MAR) for persons receiving market soundings and on delayed disclosure of inside information. The new market abuse regime strengthens the existing market abuse framework by extending its scope to new markets, platforms and trading behaviours. …

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New EU rules to fight market abuse in Europe's financial markets take effect

The European Commission today published a statement in relation the new EU Market Abuse Regime. A revamped EU legal framework, applicable as of 3 July, will ensure even more efficient, transparent and trustworthy European financial markets. This new rulebook, will increase investor protection and confidence by allowing deeper and more integrated financial markets, and contribute …

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ESMA disagrees with Commission on inside information disclosure under MAR

The European Securities and Markets Authority (ESMA) has issued today an Opinion in response to a notification by the European Commission about intended changes on a draft Implementing Technical Standard (ITS) on the disclosure of inside information under the Market Abuse Regulation. The ITS specify the technical means for disclosure of inside information by issuers …

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Former equities trader sentenced for insider dealing to 2 years prison

The FCA today published a statement regarding a former equities trader at Schroders Investment Management being sentenced for insider dealing. The trader, Damian Clarke, has been sentenced to two years imprisonment having pleaded guilty to nine counts of insider dealing. Between August 2000 and January 2013, Mr Clarke was employed initially as an assistant fund manager …

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