Person closely associated (PCA) | Practical Law

Person closely associated (PCA) | Practical Law

Person closely associated (PCA)

Person closely associated (PCA)

Practical Law UK Glossary 6-626-8688 (Approx. 4 pages)

Glossary

Person closely associated (PCA)

As defined in Article 3(1)(26) of the UK Market Abuse Regulation (UK MAR), a:
  • Spouse, or a partner considered to be equivalent to a spouse in accordance with national law.
  • Dependent child, in accordance with national law.
  • Relative who has shared the same household for at least one year on the date of the transaction concerned.
  • Legal person, trust or partnership, the managerial responsibilities of which are discharged by a PDMR or by a person referred to in any of the bullet points above, or which is directly or indirectly controlled by such a person, or which is set up for the benefit of such a person, or the economic interests of which are substantially equivalent to those of such a person.
Section 131AC of FSMA clarifies that for the purposes of Article 3(1)(26) of UK MAR:
  • "Partner considered to be equivalent to a spouse" includes a civil partner.
  • "Dependent child" means a child, including a stepchild, who is under the age of 18 years, is unmarried and does not have a civil partner.
For more information, see Practice note, UK MAR: PDMR transactions: PDMRs and PCAs.
Note that a "person closely associated" is also defined in EU MAR, which applied in the UK before the end of the UK-EU transition period. For more information, see Practice notes, EU Market Abuse Regulation (EU MAR): overview and EU MAR: PDMR transactions.