Home FCA Handbook MAR MAR 1 MAR 1.8 Dissemination
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MAR 1.8 Dissemination

01/01/2021UK

[article 12(1)(c) of the Market Abuse Regulation]

Factors to be taken into account in determining whether or not behaviour amounts to dissemination

03/07/2016G

Ifa normal and reasonable person would know or ought tohave known in all the circumstances that the information was false or misleading, that indicates that the person disseminating the information knew or ought to have known that it was false or misleading.

03/07/2016G

If the individuals responsible for dissemination of information within an organisation could only know that the information was false or misleading if they had access to other information that was being held behind a Chinese wall or similarly effective arrangements, that indicates that the person disseminating did not know and could not reasonably be expected to have known that the information was false or misleading.

Example of dissemination

03/07/2016G

The following is an example of behaviourwhich may amount to a contravention of article 12(1)(c) of the Market Abuse Regulation:

  1. (1)

    a person posts information on an Internet bulletin board or chat room which contains false or misleading statements about the takeover of a company whose shares are financial instruments and the person knows that the information is false or misleading.

[Note: article 12(1)(c) of the Market Abuse Regulation.]