Publication
Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Global | Publication | September 8, 2017
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On September 1, 2017, the European Securities and Market Authority (ESMA) published an updated version of its Market Abuse Regulation (MAR) Q&As.
ESMA has added a new Q&A on market soundings and two new Q&As on insider lists:
In addition Q&A 6.1, which considers the requirement in Article 16(2) of MAR for persons professionally arranging transactions to maintain systems and procedures to detect and report suspicious orders and transactions, has been amended in order to clarify the scope of Article 16 of MAR (Prevention and detection of market abuse).
On September 4, 2017 the Investment Association (IA) reported that its call for companies to stop quarterly reporting is being heeded, with the number of FTSE100 and 250 companies issuing quarterly reports since October 2016 declining by 19 and 25 per cent, respectively.
In a bid to discourage companies from engaging in short-term behaviour, such as managing the business to meet quarterly targets rather than developing their long term strategies, in November 2016 the IA called on companies to stop issuing quarterly reports and earnings guidance.
A table included in the IA’s press release shows that in October 2016 a total of 70 FTSE100 companies reported quarterly, but only 57 did so by August 2017. Meanwhile 111 FTSE250 companies reported quarterly in October 2016, compared with 83 in August 2017.
Publication
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Publication
The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
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In July 2024, the English High Court handed down a judgment on whether or not the insurers under a charterer’s liability policy were obliged to indemnify third parties, where the insured went insolvent and had not paid the underlying claim to the third parties.
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