MAR 1.10 Statutory exceptions
3Behaviour that does not amount to market abuse
- (1)
Behaviour which conforms with article 5 of the Market Abuse Regulation or with the Buy-back and Stabilisation Regulation6 will not amount to market abuse.
4 - (2)
[deleted]4
- (3)
[deleted]4
FCA 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.
1Behaviour3conforming 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, is unlikely to3, of itself, amount to market abuse, if:
1- (1)
the rule is one of those specified in the table in MAR 1.10.5G 3;
- (2)
the behaviour3is 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)
it conforms to any General Principle set out at Section B of the Takeover Code relevant to that rule.
Table: Provisions of the Takeover Code conformity with which will be unlikely to3, of itself, amount to market abuse (This table belongs to MAR 1.10.4G 3):
11Takeover Code provisions: |
|
Disclosure of information which is not generally available |
1(a) 2.1 , 52.7, 52.11, 8 20.1 521.3, 21.4 528.1 530.1, 30.5 555555 |
Standards of care |
2.8 first sentence and note 4 519.1, 19.7 520.6 second sentence 523.1 plus notes 28.1 55 |
Timing of announcements, documentation and dealings |
52.2, 2.6 5.4 6.2(b) 7.1 11.1 note 6 only 17.1 521.2 note 4 only 524.1(a) 525.1(a) 531.6(d), 31.9 533 (in so far as it refers to 31.6(d) and 31.9 only) 555555 |
Content of announcements |
2.4 (a) and (b) 19.31 |
Behaviour3conforming 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)
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)
it conforms to any General Principle set out at Section B of the Takeover Code relevant to the rule.