Recent FCA and English High Court Decisions Provide Guidance on Unlawful Disclosure of “inside information” and the Definition of PDMRs under UK MAR

12 September 2022
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Key Takeaways:
  • The FCA stated that insiders are responsible for assessing whether information is inside information even if the issuer has not yet made such a determination.
  • The final notice also suggests that issuers should not disclose inside information to key shareholders several days before market cleansing, even if they are subject to a relationship agreement or non-disclosure agreement.
  • The High Court also recently provided guidance on the scope of the UK’s persons discharging managerial responsibilities (“PDMRs”) regime, ruling that de facto directors and potentially even shadow directors of a company are within the scope of the definition of a PDMR.