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Part II UK Securities Markets, 5 The Listing, Prospectus, and Disclosure and Transparency Rules »

Will Pearce, Antonia Kirkby
From: Financial Markets and Exchanges Law (2nd Edition)
Edited By: Michael Blair, George Walker, Stuart Willey
5.01 The current UK listing regime in large parts stems from EU legislation enacted as part of the Commission’s Financial Services Action Plan (FSAP). The aim of the FSAP, published in 1999, was to achieve a single financial services market, with no obstacles to cross-border activity and a sound supervisory structure. 5.02 The key FSAP Directives are the Market Abuse Directive (MAD),1 which covers market manipulation and insider dealing, the Prospectus Directive (PD),2 which regulates the prospectus to be published when a company’s securities are to be offered to...

Part II UK Securities Markets, 5 UK Listing, Prospectus, and Disclosure Regime »

Will Pearce
From: Financial Markets and Exchanges Law (3rd Edition)
Edited By: Michael Blair, George Walker, Stuart Willey
This chapter talks about the current UK listing regime that stems from the EU legislation that was enacted as part of the European Commission's action plan for the Capital Markets Union (CMU) and Financial Services Action Plan (FSAP). It describes the aims of the CMU and the FSAP in order to achieve a single financial services market with no obstacles to cross—border activity and a sound supervisory structure. It also highlights the key EU legislation that governs the UK listing regime, which includes the prospectus regulation that regulates the prospectus to be published when a company's securities are to be offered to the public or admitted to trading on a regulated market in the European Economic Area (EEA). This chapter discusses the Market Abuse Regulation (MAR), which covers the disclosure and control of inside information and the offences of market manipulation and insider dealing. It also mentions the Transparency Directive that harmonizes transparency requirements for issuers whose securities are admitted to trading on a regulated market.