RE: Scally23 Oct 2020 12:58
See paragraph e) below
General disclosure of price sensitive information Rule 11: General disclosure
(a) This rule promotes prompt and fair disclosure of price sensitive information to the market.
(b) Article 17 of MAR provides separate disclosure obligations for an AIM company. The competent authority for MAR in the UK is the FCA. All queries relating to the disclosure obligations pursuant to MAR should be directed to the competent authority. The Exchange will not opine on MAR compliance and any discussion it has about an AIM company’s disclosure obligations are in the context of these rules. Where the Exchange becomes aware of a possible breach of MAR, it will refer to the competent authority, whose remit is to investigate and enforce breaches of MAR. For the avoidance of doubt, compliance with MAR does not mean that an AIM company will have satisfied its obligations under these rules and vice versa.
(c) The requirements of rule 11 are in addition to any requirements regarding notification contained elsewhere in the rules.
(d) Information that would be likely to lead to a significant movement in the price of its AIM securities includes but is not limited to information which is of a kind which a reasonable investor would be likely to use as part of the basis of his or her investment decisions.
(e) Unless disclosure is required under Article 17 of MAR, an AIM company may delay notifying information under this rule if it is an impending development or a matter in the course of negotiation provided such information is kept confidential. The AIM company must ensure it has in place, in accordance with rule 31, effective procedures and controls designed to ensure the confidentiality of such information to minimise the risk of a leak.
In such circumstances, where an AIM company is able to delay notifying information about impending developments or matters in the course of negotiation it may give such information in confidence to the following category of recipient:
(i) the AIM company’s advisers and advisers of any other persons involved or who may be involved in the development or matter in question;
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(ii) persons with whom the AIM company is negotiating, or intends to negotiate, any commercial, financial or investment transaction (including prospective underwriters or places of its securities);
(iii) representatives of its employees or trades unions acting on their behalf;
(iv) any government department, the Bank of England, the Competition Commission or any other statutory or regulatory body or authority; and
(v) the AIM company’s lenders.
The AIM company must be satisfied that such recipients of information are bound by a duty of confidentiality and aware that they must not trade in its AIM securities before the relevant information has been notified.
(f) However, if the AIM company has reason to believe that a breach of such confidence has occurred or is likely to occur and, in either case, the matter is such that knowledge