The Quoted Companies Alliance, together with Thomson Reuters Practical Law, surveyed QCA members to find out how small and mid-size companies, as well as their advisers, have found the Market Abuse Regulation (MAR) in practice.
The results of the poll show the following key findings since MAR came into effect on 3 July 2016:
- Delaying disclosure of inside information. 57% have delayed disclosure of inside information.
- Copy of insider list to FCA. 14% have been asked by the FCA for a copy of their insider list.
- Dealing code. 79% have adopted a code that is largely based on or is similar to the ICSA/GC100/QCA code or have adopted such code pretty much wholesale, with minimal amendments, and 21% have adopted a completely bespoke code.