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MAR 1.10 Statutory exceptions

3Behaviour that does not amount to market abuse

MAR 1.10.1G
  1. (1)

    Behaviour which conforms with article 5 of the Market Abuse Regulation or with a directly applicable EU regulation made under article 5 of the Market Abuse Regulation4 will not amount to market abuse.

  2. (2)

    [deleted]4

  3. (3)

    [deleted]4

FCA rules

MAR 1.10.2G

There are no rules which permit or require a person to behave in a way which amounts to market abuse.3

  1. (1)

    [deleted] 3

    22
  2. (2)

    [deleted] 3

Takeover Code1

MAR 1.10.3G

There are no rules in the Takeover Code, which permit or require a person to behave in a way which amounts to market abuse.

1
MAR 1.10.4G

Behaviour3 conforming with any of the rules of the Takeover Code about the timing, dissemination or availability, content and standard of care applicable to a disclosure, announcement, communication or release of information, is unlikely to3, of itself, amount to market abuse, if:

1
  1. (1)

    the rule is one of those specified in the table in MAR 1.10.5G3;

  2. (2)

    the behaviour3 is expressly required or expressly permitted by the rule in question (the notes for the time being associated with the rules identified in the Takeover Code are treated as part of the relevant rule for these purposes); and

  3. (3)

    it conforms to any General Principle set out at Section B of the Takeover Code relevant to that rule.

MAR 1.10.5G

Table: Provisions of the Takeover Code conformity with which will be unlikely to3, of itself, amount to market abuse (This table belongs to MAR 1.10.4G3):

11

Takeover Code provisions:

Disclosure of information which is not generally available

1(a)

2.1 plus notes, 2.5, 2.6, 2.9 plus notes

8

19.7

20.1, 20.2, 20.3

28.4

37.3(b) and 37.4(a)

Standards of care

2.8 first sentence and note 4

19.1, 19.5 second sentence and note 2, 19.8

23 plus notes

28.1

Timing of announcements, documentation and dealings

2.2, 2.4(b)

5.4

6.2(b)

7.1

11.1 note 6 only

17.1

21.2

30

31.6(c), 31.9

33 (in so far as it refers 31.6(c) and 31.9 only)

38.5

Content of announcements

2.4 (a) and (b)

19.31

MAR 1.10.6G

Behaviour3 conforming with Rule 4.2 of the Takeover Code (in relation to restrictions on dealings by offerors and concert parties) will be unlikely to3, of itself, amount to market abuse, if:

  1. (1)

    the behaviour is expressly required or expressly permitted by that rule (the notes for the time being associated with the rules identified in the Takeover Code are treated as part of the rule for these purposes); and

  2. (2)

    it conforms to any General Principle set out at Section B of the Takeover Code relevant to the rule.