The FCA has published a new web page which discusses its approach to closed periods and preliminary results under the Market Abuse Regulation (MAR).

Key points on the FCA’s web page include:

  • the FCA understands that there is some confusion in the industry whether issuers that announce preliminary results need to impose closed periods either before the preliminary results, the year-end report, or both. The interpretation between MAR closed periods and preliminary results continues to be discussed at a European level and the FCA will provide further clarification on this point when it is available; and
  • pending clarification from the European Commission and the European Securities and Markets Authority, the FCA will continue to take the view that where an issuer announces preliminary results, the closed period, where dealing is prohibited, is immediately before the preliminary results are announced. Under MAR, the length of the ‘closed period’ will be 30 days. This applies only where the preliminary announcement contains all inside information expected to be included in the year-end report.

View Closed periods and preliminary results under MAR, 26 May 2016