Reforming EU capital markets regulation to support SME listings

On 18 December 2017, the European Commission published a consultation document: 'Building a proportionate regulatory environment to support SME listings'. The Commission is asking for the market's views on how the current regulatory environment could be enhanced to support small and medium sized enterprises (SMEs) pursuing listings on the EU's public markets.  MORE >

ESMA consults on draft regulatory technical standards under the new Prospectus Regulation

On 15 December 2017, the European Securities and Markets Authority (ESMA) published a consultation paper which proposes draft regulatory technical standards (RTS) relating to the new Prospectus Regulation. The draft RTS sets out proposed requirements concerning the key financial information to be included in the prospectus summary, the data to be submitted to ESMA for the classification of prospectuses, prospectus advertisements and supplementary prospectuses. Responses must be submitted using the online questionnaire by 9 March 2018. MORE >

FCA imposes its first fine on an AIM company for breach of MAR

On 14 December 2017, the Financial Conduct Authority imposed a £70,000 fine on Tejoori Limited, an AIM company, for failing to inform the market of inside information which directly concerned it, as required by the Market Abuse Regulation (MAR). It is the first fine imposed on an AIM company for failing to disclose inside information following the introduction of MAR on 3 July 2016. Click here to read the FCA Final Notice. MORE>

Corporate Governance – recent developments

This article looks at the following recent developments in corporate governance: the FRC's revised guidance for auditors when agreeing to the publication of preliminary announcements, the FRC's thematic review of audit materiality, an FRC report on audit committee reporting, and the launch of the Investment Association's public register of listed companies which have faced significant shareholder opposition. MORE>