Dear All

The next event in the SPL Training Programme will take place on Tuesday 13 July at 5pm.

Hannah Needle of Tapestry Compliance, Mirit Ehrenstein of Linklaters and Louise Batty of Skadden will present on UK MAR and employee share plans – an update.

Join us to hear the latest update from our discussions with the FCA about the future of UK MAR for employee share plans.

Participation by PDMRs and those with inside information in UK listed companies’ incentive arrangements involves compliance with dealing rules, previously governed by the EU Market Abuse Regulation (and now “on-shored” under UK MAR). The scope of the dealing prohibitions under the UK MAR, and the narrow exemptions it provides for the operation of employee incentive plans has, since the introduction of EU MAR in 2016, raised questions and the need for detailed analysis in relation to the typical operation of UK share incentive arrangements. SPL members have been at the ‘coal face’ in advising clients and shaping market practice on how to interpret and apply MAR in the context of incentive arrangements operated by listed companies, including those listed on AIM. SPL’s Corporate & Regulatory Committee (together with the CLLS) met with the FCA in October last year and again in April to discuss the operation of UK MAR in the context of incentive plans. The Committee has discussed with the FCA proposed changes to facilitate the easier operation of incentive plans under UK MAR, and clarify areas of uncertainty for issuers and their advisers. Hannah, Mirit and Louise will update the SPL on the discussions with the FCA and the changes proposed.

This session will be hosted via webinar.

If you would like to dial in, please register HERE. Once you have registered, you will be given the option to add this session to your diary.

Kind regards

Sonia Gilbert


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