Our Corporate Finance and Legal Expert Groups contributed to our response to the FCA consultation – GC16/6 Primary Market Bulletin No.16.
We commented that FCA should recognise that the Market Abuse Regulation (MAR) has a much broader effect that in relation to companies on primary markets. We noted that although Primary Market Bulletins had been historically written with companies quoted on primary markets in mind, the introduction of MAR meant that some of the Knowledge Base guidance now applies to MTF issuers (i.e. AIM and ISDX companies). We supported the creation of a new class of notes that have universal application, distinct from the existing categories that only apply to listed companies and sponsors.
Regarding periodic information and inside information, we noted that the FCA should provide further explanation as to why the technical note indicates that an issuer does not necessarily discharge its obligations under MAR merely by announcing 'preliminary results’.
Concerning delaying disclosure/dealing with leaks and rumours, we remarked that the guidance stating that the UKLA will not suspend the listing of a security to fix its price at a particular level should be made universal since the FCA has the ability to suspend securities on MTFs (such as AIM and ISDX) as well as regulated markets.