The Market Abuse Regulation (“MAR”) came into force on 3 July 2016. Amongst other things, MAR contains (1) restrictions on share dealing during a closed period, and (2) obligations on directors and other persons discharging managerial responsibilities (“PDMRs”), and persons closely associated (“PCAs”) with them, to notify an issuer and the Financial Conduct Authority (“FCA”) when they deal in the issuer’s shares. Main Market and AIM issuers should be reviewing and updating their share dealing codes to ensure they comply with MAR.

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