Enter to open, tab to navigate, enter to select
Close period
Practical Law UK Glossary 6-107-5930 (Approx. 4 pages)
Glossary
Close period
Before 3 July 2016, a period of time under the Model Code during which persons discharging managerial responsibilities 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 the company's 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, which came into force on 3 July 2016, deleted the Model Code. Instead, a definition of a closed period is set out in Article 19(11) of the EU Market Abuse Regulation and, since the end of the UK-EU transition period, in Article 19(11) of the UK Market Abuse Regulation.