In the UK, the introduction of MAR has led to certain
significant amendments to the Financial Services and Markets Act
2000 and the FCA Handbook, largely to repeal or recast guidance or
rules that have been replaced by, or may have conflicted with, the
new directly applicable MAR requirements.
In addition, on 13 April 2016, the London Stock Exchange
("LSE") issued AIM Notice 44, the purpose of which was to
consult on proposed changes of the AIM Rules for Companies in light
of MAR coming into effect on 3 July 2016. The key proposals were
amend the guidance on AIM Rule 11 (General disclosure of price
sensitive information) to clarify that AIM Companies will have to
comply with both AIM Rule 11 and Article 17 of MAR;
amend AIM Rule 17 (Disclosure of miscellaneous information) to
remove the notification requirement in relation to directors'
dealings which is satisfied by complying with Article 19 of
incorporate a new rule on dealing policy; and
clarify AIM Rule 41 (Cancellation) which deals with the
circumstances in which the LSE might waive the requirement for
shareholder approval to cancel securities which are or will be
admitted to trading on an EU regulated market or an AIM Designated
On 14 June 2016, the LSE published AIM Notice 45 to announce
that following the consultation, all of the consequential changes
envisaged in AIM Notice 44 would be made to the AIM Rules for
Companies and Nominated Advisors and the AIM Note for Investing
Companies, save that the definition of applicable employee for the
purposes of AIM Rule 21 (Dealing policy) and the respective
guidance were also amended. The new versions of the rules came into
effect on 3 July 2016.
The implementation of the mandatory exchange of initial and
variation margin for non-cleared OTC derivative trades in the EU
commenced on 4 February for financial counterparties with the
largest derivatives portfolios.
On February 9, 2017, HM Treasury published a paper summarizing responses to its consultation on the transposition of the revised MiFID and three draft statutory instruments to facilitate transposition.
We consider below the circumstances in which a person may hold an "unpaid vendor lien", the effect of such a lien following the Supreme Court case of Menelaou v Bank of Cyprus UK Ltd  EWHC 2656...
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