Close period

Before 3 July 2016, a period of time under the Model Code ( www.practicallaw.com/7-107-6854) during which persons discharging managerial responsibilities ( www.practicallaw.com/4-200-9271) of a listed company were prohibited from dealing in the company’s securities. The close periods were:

  • The period of 60 days immediately preceding a preliminary announcement of the company's annual results or, if shorter, the period from the relevant financial year end up to and including the time of the announcement; or

  • The period of 60 days immediately preceding the publication of its annual financial report or if shorter the period from the end of the relevant financial year up to and including the time of such publication; and

  • If the company reported on a half-yearly basis, the period from the relevant financial period end up to and including the time of such publication; and

  • If the company reported on a quarterly basis the period of 30 days immediately preceding the announcement of the quarterly results or, if shorter, the period from the relevant financial period end up to and including the time of the announcement.

The Market Abuse Regulation Instrument 2016 ( www.practicallaw.com/1-627-3017) , which came into force on 3 July 2016, deleted the Model Code. A new concept of a closed period ( www.practicallaw.com/5-626-7359) is set out in Article 19(11) of the Market Abuse Regulation ( www.practicallaw.com/5-626-6147) .

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