Only two weeks after the UK voted to leave the EU, the Market Abuse Regulation came into effect. Russell Holden and Claudia Frame reflect on what this may entail.
On 3 July 2016, the EU-wide Market Abuse Regulation (MAR) for London’s Main Market and Alternative Investment Market (AIM) companies was introduced to alter the existing UK regime on market abuse, in an attempt to enhance market integrity and investor protection.
As the proposed ‘Great Repeal Bill’ ignites the debate about EU laws in UK parliament, and negotiations start about the UK’s future relationship with the European Union, MAR’s status following Brexit is unclear. The most recent Brexit proposals (at the time of writing) could diminish the current position of EU law in the UK, giving parliament the power to absorb parts of EU legislation, and reject the elements it does not want to keep. To try to determine the possible outcome of such negotiations in relation to the future of MAR, it is worth considering how the new regulation fits currently with existing UK law.
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