Client Newsletter Autumn 2010 - Listings

Profession:Dillon Eustace

In this issue:- Market Abuse Filings – Transactions by Directors and Persons Closely Associated with Directors ISE adopts New Rules on Corporate Governance Listings Update MARKET ABUSE FILINGS – TRANSACTIONS BY DIRECTORS AND PERSONS CLOSELY ASSOCIATED WITH DIRECTORS The requirements of the Market Abuse Directive and Market Abuse (Directive 2003/6/EC) Regulations (the "MAD Regulations") apply to all shares listed on the Irish Stock Exchange (the "ISE"). One of the requirements of the MAD Regulations is the notification of all transactions and interests of Directors and persons closely associated to them, in shares of a listed fund, irrespective of the size of the transaction. Such interests are notifiable under strict reporting timelines using Schedule 11 forms. The ISE has advised that a strict approach will be taken with immediate effect in respect of any late filings of such notifications. In brief, any transaction in listed shares by a Director of a listed fund, or by a person closely associated with a Director, must be notified by the relevant person to the Fund within 4 business days of the relevant transaction. The transaction must then be notified by the Fund to the ISE by the end of the next business day. Please see the Dillon Eustace publication entitled article "Market Abuse Filings – Transactions by Directors and Persons Closely Associated with Directors" for further information on this matte. ISE ADOPTS NEW RULES ON CORPORATE GOVERNANCE On 1 July, 2010 the Irish Stock Exchange ("ISE") issued its Consultation Paper on the implementation of a revised corporate governance code for Irish listed companies. The Consultation Paper proposed that the Code applicable to Irish listed companies should mirror all aspects of the UK Corporate Governance Code (regarded internationally as being one of the pre-eminent codes on corporate governance). There are also proposals to implement the recommendations of the Report commissioned by the ISE and the Irish Association of Investment Managers ("IAIM"). The ISE issued a press release on 29 September, 2010 setting out that the ISE requires Irish listed companies to comply or explain against the provisions of the UK Corporate Governance Code issued in May, 2010 and that additional corporate governance provisions arising from recommendations contained in the ISE/IAIM commissioned Report will come into force later this year. Consultation on the exact nature of these additional provisions is ongoing, but...

To continue reading