On Jan. 23, 2019, UK SFO issued the deferred prosecution agreement with Tesco. Via DPA Tesco Stores Limited accepted responsibility for false accounting practices. Feb. to Sep. 2014, instead of working to safeguard financial interests of company and shareholders, culture encouraged illegal practices to meet accounting targets. This included improperly pulling forward income from subsequent…
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ESMA Market Abuse FAQs 2018
On Nov. 12, 2018, EU ESMA issued its updated FAQs on the implementation of MAR. Included new question 7.10, under managers transactions, and specifically the non-applicability of the ban to transactions of the issuer on its own financial instruments. Whether the prohibition in MAR, art. 19(11) encompass transactions relating to own instruments even if PDMRs…
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ESMA Market Abuse FAQs 2018
On Oct. 1, 2018, EU ESMA issued its updated FAQs on the implementation of MAR. New questions on delayed disclosure of inside information under art. 17(5) of MAR. Q5.3 on the elements credit/financial institution should consider in the assessment of the relevant conditions when they plan to delay disclosure of inside information. Answer: it must…
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