Before the EU Market Abuse Regulation applied, a code that imposed restrictions on dealing in the securities of a listed company which was set out in Annex 1 to Chapter 9 of the Listing Rules. In accordance with its continuing obligations, a listed company had to require every person discharging managerial responsibilities to comply with the Model Code, although it could impose more rigorous dealing obligations than those required by the Model Code.

The Market Abuse Regulation Instrument 2016, which came into force on 3 July 2016, deleted the Model Code.