MAR 1.10 Statutory exceptions
Behaviour that does not amount to market abuse (general): buy-back programmes and stabilisation
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(1)
Behaviour which conforms with articles 3 to 6 of the Buy-back and Stabilisation Regulation (see MAR 1 Annex 1) will not amount to market abuse.
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(2)
See MAR 2 in relation to stabilisation.
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(3)
Buy-back programmes which are not within the scope of the Buy-back and Stabilisation Regulation are not, in themselves, market abuse.
FSA rules
There are no rules which permit or require a person to behave in a way which amounts to market abuse.Some rules contain a provision to the effect that behaviour conforming with that rule does not amount to market abuse:
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(1)
COB 2.4.4 R (1) (Chinese walls) (see COB 2.4.4 R (4)); and
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(2)
those parts of the Part 6 rules which relate to the timing, dissemination or availability, content and standard of care applicable to a disclosure, announcement, communication or release of information (see in particular the Disclosure Rules and Transparency Rules).
Takeover Code1
There are no rules in the Takeover Code, which permit or require a person to behave in a way which amounts to market abuse.
1Behaviour conforming with any of the rules of the Takeover Codeabout the timing, dissemination or availability, content and standard of care applicable to a disclosure, announcement, communication or release of information, does not, of itself, amount to market abuse, if:
1-
(1)
the rule is one of those specified in the table in MAR 1.10.5 C;
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(2)
the behaviour 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
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(3)
it conforms to any General Principle set out at Section B of the Takeover Code relevant to that rule.
1Table: Provisions of the Takeover Code conformity with which will not, of itself, amount to market abuse (This table belongs to MAR 1.10.4C):1
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Takeover Code provisions: |
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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) |
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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 |
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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 |
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Content of announcements |
2.4 (a) and (b) 19.31 |
Behaviour conforming with Rule 4.2 of the Takeover Code (in relation to restrictions on dealings by offerors and concert parties) does not, of itself, amount to market abuse, if:
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(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
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(2)
it conforms to any General Principle set out at Section B of the Takeover Code relevant to the rule.