Related provisions for MAR 1.3.1A

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MAR 1.2.2-AUKRP
7[article 2, article 14 and article 15 of the Market Abuse Regulation]
MAR 1.2.3GRP
The Market Abuse Regulation5 does not require the person engaging in the behaviour5 in question to have intended to commit market abuse.
MAR 1.2.5GRP
The5 following factors may5 be taken into account in determining whether or not behaviour5 prior to a request for admission to trading,3 the admission to or the commencement of trading, or the offer for sale on a recognised auction platform8 contravenes prohibitions and obligations in the Market Abuse Regulation5 and are indications that it does:35(1) if it is in relation to 5financial instruments:53(a) in respect of which a request for admission to trading on
MAR 1.2.6GRP
The5 following factors may5 be taken into account in determining whether or not refraining from action indicates behaviour5which falls under the scope of the Market Abuse Regulation,5 and are indications that it does:(1) if the person concerned has failed to discharge a legal or regulatory obligation (for example to make a particular disclosure) by refraining from acting; or(2) if the person concerned has created a reasonable expectation of him acting in a particular manner,
MAR 1.2.7-AUKRP
7[article 8(4) of the Market Abuse Regulation]
MAR 1.2.8GRP
The5 following factors may5 be taken into account in determining whether or not a person who possesses inside information ought to know that it is inside information for the purposes of the final indent of article 8(4) of the Market Abuse Regulation5:(1) if a normal and reasonable person in the position of the person who has inside information would know or should have known that the person from whom he received it is an insider; and(2) if a normal and reasonable person in the
MAR 1.2.9GRP
For the purposes of being categorised as an insider in article 8(4) of the Market Abuse Regulation5, the person concerned does not need to know that the information concerned is inside information.
MAR 1.2.10AUKRP
7[article 7 of the Market Abuse Regulation]
MAR 1.2.15BUKRP
7[article 7(1)(d) of the Market Abuse Regulation]
MAR 1.2.16GRP
5In determining whether there is a pending order 5 for a client in relation to article 7(1)(d) of the Market Abuse Regulation, a factor that may be taken into account is5 if a person is approached by another in relation to a transaction, and:53(1) the transaction is not immediately executed on an arm's length basis in response to a price quoted by that person; and(2) the person concerned has taken on a legal or regulatory obligation relating to the manner or timing
MAR 1.2.18AUKRP
7[article 7(1)(b) of the Market Abuse Regulation]
MAR 1.2.19AGRP
6ESMA has issued guidelines under article 7(5) of the Market Abuse Regulation which relate to the definition of inside information in the context of commodity derivatives. [Note: ESMA guidelines: Information relating to commodity derivatives markets or related spot markets for the purpose of the definition of inside information on commodity derivatives, 17 January 2017/ESMA/2016/1480 (EN)]7
MAR 1.2.23GRP
The following are examples of behaviour5 that might fall within the scope of article 14(b) of the Market Abuse Regulation5:(1) a director of a company, while in possession of inside information, instructs an employee of that company to sell a financial instrument5 in respect of which the information is inside information;(2) a person recommends or advises a friend to engage in behaviour5 which, if he himself engaged in it, would amount to market abuse.
MAR 1.3.2GRP
The following are examples of behaviour that may amount to insider dealing under the Market Abuse Regulation, but are not intended to form an exhaustive list:5(1) [deleted]5(2) front running/pre-positioning - that is, a transaction for a person's own benefit, on the basis of and ahead of an order (including an order relating to a bid)4 which he is to carry out with or for another (in respect of which information concerning the order is inside information), which takes advantage
MAR 1.3.7GRP
For market makers and persons that may lawfully deal in financial instruments5 on their own account, pursuing their legitimate business of such dealing (including entering into an agreement for the underwriting of an issue of financial instruments) may5 not in itself amount to market abuse.5
MAR 1.3.15GRP
The5following factors may5 be taken into account in determining whether or not a person'sbehaviour in executing5 an order (including an order relating to a bid)41 on behalf of another is carried out legitimately in the normal course of exercise of that person’s employment, profession or duties5, and are indications that it is:(1) whether the person has complied with the applicable provisions of COBS2 , or their equivalents in the relevant jurisdiction;
MAR 1.3.17GRP
5With reference to article 9(4) of the Market Abuse Regulation, examples of using inside information solely for the purpose of proceeding with a merger or public takeover may include:(1) seeking from holders of securities, issued by the target, irrevocable undertakings or expressions of support to accept an offer to acquire those securities (or not to accept such an offer);(2) making arrangements in connection with an issue of securities that are to be offered as consideration
MAR 1.3.20GRP
The following descriptions are intended to assist in understanding certain behaviours which may constitute insider dealing under the Market Abuse Regulation and5 concern the definition of inside information relating to financial instruments other than commodityderivatives or emissions allowances or auctioned products based thereon:5(1) X, a director at B PLC has lunch with a friend, Y. X tells Y that his company has received a takeover offer that is at a premium
MAR 1.3.21GRP
The following description is intended to assist in understanding certain behaviours which may constitute insider dealing under the Market Abuse Regulation and5 concerns the definition of inside information relating to commodity derivatives.Before the official publication of LME stock levels, a metals trader learns (from an insider) that there has been a significant decrease in the level of LME aluminium stocks. This information is reasonably expected to be disclosed in accordance
MAR 1.3.22GRP
The following description is intended to assist in understanding certain behaviours which may constitute insider dealing under the Market Abuse Regulation and5concerns the definition of inside information relating to pending client orders.A dealer on the trading desk of a firm dealing in oil derivatives accepts a very large order from a client to acquire a long position in oil futures deliverable in a particular month. Before executing the order, the dealer trades for the firm
MAR 1.3.23GRP
The following connected descriptions are intended to assist in understanding certain behaviours which may constitute insider dealing under the Market Abuse Regulation and concern5 the differences in the definition of inside information for commodity derivatives and for other financial instruments.(1) A person deals, on a trading venue5 , in the equities of XYZ plc, a commodity producer, based on inside information concerning that company. (2) A person
MAR 1.3.24GRP
7ESMA has issued guidelines under article 7(5) of the Market Abuse Regulation which relate to the definition of inside information in the context of commodity derivatives. [Note: ESMA guidelines: Information relating to commodity derivatives markets or related spot markets for the purpose of the definition of inside information on commodity derivatives, 17 January 2017/ESMA/2016/1480 (EN)8.]
COBS 12.4.1AUKRP
4[article 20 of the Market Abuse Regulation][Note: This section applies to a person that prepares or disseminates investment recommendations.]
COBS 12.4.4AUKRP
4[article 20(1) of the Market Abuse Regulation]
COBS 12.4.8GRP
The disclosures required under article 20(3) of the Market Abuse Regulation2 may, if the person2 so chooses, be made by graphical means (for example by use of a line graph).2
COBS 12.4.11GRP
A person may choose to disclose significant shareholdings above a lower threshold than is required by article 20(3) of the Market Abuse Regulation.22
COBS 12.4.14GRP
Where article 20(3) of the Market Abuse Regulation requires a disclosure of the proportions of all investment recommendations published that are “buy”, “hold”, “sell” or equivalent terms, the FCA considers it important for these equivalent terms to be consistent and meaningful to the recipients in terms of the course of actions being recommended, particularly for non-equity material.22
MAR 1.6.3GRP
Entering into6a stock lending/borrowing or repo/reverse repo transaction, or another transaction involving the provision of collateral,6does not of itself indicate behaviour described in Annex IA(c) of the Market Abuse Regulation.6
MAR 1.6.5GRP
The6 following factors are to be taken into account when considering whether behaviour6is for legitimate reasons in relation to article 12(1)(a) of the Market Abuse Regulation6, and are indications that it is not:(1) if the person has an actuating purpose behind the transaction to induce others to trade in, bid for5 or to position or move the price of, a financial instrument6; (2) if the person has another, illegitimate, reason behind the transactions, bid5 or
MAR 1.6.6GRP
The6 following factors are to be taken into account when considering whether behaviour6is for legitimate reasons in relation to article 12(1)(a) of the Market Abuse Regulation6, and are indications that it is:(1) if the transaction is pursuant to a prior legal or regulatory obligation owed to a third party;(2) if the transaction is executed in a way which takes into account the need for the market or auction platform5 as a whole to operate fairly and efficiently;(3) the extent
MAR 1.6.10GRP
The6following factors are to be taken into account in determining whether or not a person'sbehaviour6amounts to manipulating transactions as described in article 12(1)(a)(ii) of the Market Abuse Regulation: 6(1) the extent to which the person had a direct or indirect interest in the price or value of the financial instrument6; (2) the extent to which price, rate or option volatility movements, and the volatility of these factors for the investment in question, are
MAR 1.6.11GRP
The6following factors are to be taken into account when determining whether a person has engaged in behaviour referred to in Annex IA(a) or (b) of the Market Abuse Regulation, commonly known as an “abusive squeeze”6: (1) the extent to which a person is willing to relax his control or other influence in order to help maintain an orderly market, and the price at which he is willing to do so; for example, behaviour6is less likely to amount to an abusive squeeze if a person is willing
MAR 1.6.15GRP
The following are examples of behaviour that may amount to manipulating transactions as described in article 12(1)(a)(ii) of the Market Abuse Regulation6: (1) [deleted] 6(2) [deleted] 6(3) a trader holds a short position that will show a profit if a particular financial instrument6, which is currently a component of an index, falls out of that index. The question of whether the financial instrument6 will fall out of the index depends on
SUP 15.10.2AUKRP
3[article 16 of the Market Abuse Regulation.]
SUP 15.10.4GRP
(1) Notification of suspicious transactions or orders3 to the FCA requires sufficient indications (which may not be apparent until after the transaction has taken place) that the transaction or order3 might constitute market abuse. In particular a person subject to article 16 of the Market Abuse Regulation3 will need to be able to explain the basis for the3 suspicion when notifying the FCA. Certain transactions or orders3 by themselves may seem completely devoid of anything suspicious,
SUP 15.10.7GRP
3A person subject to article 16 of the Market Abuse Regulation making a notification to the FCA under this section may do so using the system indicated on the FCA’s website.
MAR 1.1.2GRP
This chapter provides guidance on the Market Abuse Regulation5. It is therefore likely to be helpful to persons who:545(1) want to avoid engaging in market abuse5; or(2) want to determine whether they are required by article 16 of the Market Abuse Regulation5 to report a transaction 5or order to the FCA as a suspicious one.
MAR 1.1.6GRP
This chapter5 does not exhaustively describe all types of behaviour5 that may indicate5market abuse. In particular, the descriptions of behaviour5 should be read in the light of: 55(1) the elements specified by the Market Abuse Regulation5 as making up the relevant type of market abuse; and(2) any relevant descriptions of behaviour specified by the Market Abuse Regulation5 which do not amount to market abuse; and5(3) any provisions in the MAR Level 2 Regulations6, and
MAR 1.1.9GRP
5References are made in this chapter to provisions in the Market Abuse Regulation and provisions in the MAR Level 2 Regulations6 to assist readers. The fact that other provisions of the Market Abuse Regulation and other provisions in the MAR Level 2 Regulations6 have not been referred to does not mean that they would not also assist readers or that they have a different status.
COBS 11.7.1RRP
A firm that conducts designated investment business must establish, implement and maintain adequate arrangements aimed at preventing the following activities in the case of any relevant person who is involved in activities that may give rise to a conflict of interest, or who has access to inside information as defined in the Market Abuse Regulation3 or to other confidential information relating to clients or transactions with or for clients by virtue of an activity carried out
COBS 11.7.2AGRP
1The requirements of this section are without prejudice to the prohibition under article 14(c)3 of the Market Abuse Regulation3.
MAR 1.4.1AUKRP
6[article 10 of the Market Abuse Regulation]
MAR 1.4.6GRP
The following descriptions are intended to assist in understanding certain behaviours which may constitute unlawful disclosure under the Market Abuse Regulation:54444(1) 4X, a director at B PLC has lunch with a friend, Y, who has no connection with B PLC or its advisers. X tells Y that his company has received a takeover offer that is at a premium to the current share price at which it is trading.(2) 4A, a person discharging managerial responsibilities in B PLC, asks C, a broker,
MAR 1.9.1-AUKRP
13[article 12(1)(c) of the Market Abuse Regulation]
APER 4.3.3GRP
2A factor to be taken into account in determining whether or not an approved person's conduct complies with this Statement of Principle )5 is whether he, or his APER employer4, has complied with the Market Abuse Regulation3 or relevant market codes and exchange rules.1
COBS 12.1.1GRP
1The purpose of this chapter is to:2(1) 2set out specific requirements 2relating to the production and dissemination of investment research and non-independent research; and(2) 3provide guidance on matters in the 3Market Abuse Regulation relating to the disclosures to be made in, and about, 3investment recommendations.2333
MAR 1.8.6GRP
The following is an example of behaviour3which may amount to a contravention of article 12(1)(c) of the Market Abuse Regulation3: (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 instruments3 and the person knows that the information is false or misleading.33[Note: article 12(1)(c) of the Market Abuse Regulation.]
MAR 7A.3.2RRP
1A firm must have in place effective systems and controls, suitable to the business it operates, to ensure that its trading systems:(1) are resilient and have sufficient capacity;(2) are subject to appropriate trading thresholds and limits; (3) prevent the sending of erroneous orders, or the systems otherwise functioning in a way that may create or contribute to a disorderly market; and (4) cannot be used for any purpose that is contrary to: (a) the Market Abuse Regulation;
SYSC 9.1.1ARRP
(1) 5A common platform firm must arrange for records to be kept of all services, activities and transactions undertaken by it. (2) The records in (1) must be sufficient to enable the FCA to fulfil its supervisory tasks and to perform the enforcement actions under the regulatory system including MiFID, MiFIR and the Market Abuse Regulation, and in particular to ascertain that the common platform firm has complied with all obligations including those with respect to clients or potential
MAR 7A.4.2RRP
A firm must have in place systems and controls which: (1) ensure it conducts an assessment and review of the suitability of clients using the service; (2) prevent clients using the service from exceeding appropriate pre-set trading and credit thresholds; (3) prevent trading by clients which:(a) may create risks to the firm; (b) or may create, or contribute to, a disorderly market; or (c) could be contrary to the Market Abuse Regulation or the rules of the trading venue. [Note:
DEPP 6.5C.2GRP
(1) The FCA3 will determine a figure dependent on the seriousness of the market abuse and whether or not it was referable to the individual’s employment. This reflects the FCA's3 view that where an individual has been put into a position where he can commit market abuse because of his employment the fine imposed should reflect this by reference to the gross amount of all benefits derived from that employment.33(2) In cases where the market abuse was referable to the individual’s
SUP 15.2.2GRP
This chapter sets out:(1) guidance on the type of event or change in condition which a firm should consider notifying in accordance with Principle 11; the purpose of this guidance is to set out examples and not to give comprehensive advice to firms on what they should notify in order to be in compliance with Principle 11;(2) rules on events and changes in condition that a firm must notify; these are the types of event that the FCA2 must be informed about, usually as soon as possible,
SYSC 1.4.2RRP
A contravention of a rule in SYSC 11 to 2SYSC 14, SYSC 18 to10SYSC 21,7SYSC 22.8.1R, SYSC 22.9.1R or SYSC 23 to 9SYSC 28A12 does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action). 344378
SUP 15.13.7GRP
The MCD Order requires notification to be given immediately. The FCA expects CBTL firms to act with all due urgency in notifying it of any relevant event, and it is unlikely that the FCA will regard delay in excess of 5 working days as complying with the CBTL firm's obligations.
MAR 1.10.1GRP
(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