The Financial Regulator has published a consultation paper concerning the disclosure of grants of security over listed company shares by those discharging managerial responsibilities within such companies. The paper notes that such disclosure is not currently market practice in Ireland although it appears to be required in order to comply with the spirit of the Market Abuse Directive (2003/6/EC). The paper sets out five options, one of which is favoured by the Financial Regulator: that disclosure of grants of security over shares should be required. Notes:
[1] For further information about the Market Abuse Directive see here.
[2] Earlier this year the UK's Financial Services Authority issued a statement in which it clarified the operation of Disclosure and Transparency Rule 3.1 and the Model Code with regard to the disclosure required in respect of grants of security over shares. See this earlier post for further information.
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