The EU Regulation on Market Abuse (“MAR”) came into effect on 3 July 2016, replacing the previously existing Market Abuse Directive and expanding the application of the EU’s market abuse regime. In addition to detailing various offences, MAR imposes a number of requirements for information disclosure, insider lists and dealings by senior managers of issuers. For U.S. and other non-EU issuers of securities, MAR brings about a key change by expanding the scope of the market abuse regime to apply to securities listed on multilateral trading facilities and other trading venues in the EU (e.g., Luxembourg’s Euro MTF and Ireland’s Global Exchange Market).

This guidance note summarises some key requirements that U.S. and other non-EU securities issuers should be aware of, but it is intended only as a high-level overview of the MAR regime and we recommend that you consult suitably qualified legal counsel where you consider that MAR may be relevant to your situation.