On 25 April 2022, the Financial Conduct Authority (FCA) updated its webpage on the UK Market Abuse Regulation (UK MAR).

The FCA has updated the text under the heading ‘Managers’ transactions’ which concerns Article 19 UK MAR which requires persons discharging managerial responsibilities within certain issuers (PDMRs), and persons closely associated with them (PCAs), to notify the FCA and the issuer of relevant personal transactions they undertake in the issuer’s shares, debt instruments, derivatives, or other linked financial instruments, if the total amount of transactions per calendar year has reached €5,000.

This requirement applies to:

• issuers who have requested or approved admission of their financial instruments to trading on a UK regulated market
• in the case of instruments only traded on a UK MTF or on a UK OTF, issuers who have approved trading of their financial instruments on a UK MTF or a UK OTF or have requested admission to trading of their financial instruments on a UK MTF
• UK EAMPs in relation to transactions in UK emission allowances and related auction products and derivatives

The FCA has added the following wording, “PDMRs and PCAs for those issuers above are only required to notify under Article 19 when they deal in shares or debt instruments of that issuer, or to derivatives or other financial instruments linked thereto, which are within scope of UK MAR” and “PDMRs and PCAs should notify the issuer and the FCA within three working days of the date of the transaction. The issuer should disclose to the public within two working days of receiving the notification from the PDMR and PCA.”