Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited. In the fast-paced world of cryptocurrency, regulatory...more
On 10 April 2024, the FCA published its consultation paper (CP24/7) on payment optionality for investment research. This followed the Investment Research Review’s report from summer 2023, which recommended that the FCA should...more
On 5 March 2024, the Pre-Emption Group (PEG) published its first report monitoring the use of its updated Statement of Principles on the disapplication of pre-emption rights for UK listed companies. The Principles were...more
FTSE Russell has published an overview of the provisional changes it expects to make to its FTSE UK Index Series rules following reforms to the UK listing regime by the Financial Conduct Authority ("FCA") later this year. ...more
On 20 December 2023, the UK Financial Conduct Authority (the “FCA”) published a further consultation paper (CP23/31) (the “December Consultation Paper”) for reforming the UK listing regime....more
On 16 October 2023, Nikhil Rathi, Chief Executive of the FCA, delivered a speech at the City Dinner at Mansion House which describes the FCA’s work in supporting international competitiveness and growth. Amongst other things,...more
Companies Invited to Voluntarily Adopt New Nature-related Financial Disclosure Framework - On 18 September 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) published its final recommendations for...more
This edition covers proposed major reforms to the listing and prospectus regimes, corporate governance reforms largely relating to audit and internal controls, and proposed changes to the Takeover Code affecting the...more
On 3 May 2023, the UK Financial Conduct Authority (the “FCA”) published significant further proposals in a consultation paper (CP23/10) for reforming the UK listing regime....more
The UK Financial Conduct Authority (the “FCA”) on May 3, 2023, published consultation paper CP23/10 (the “Consultation Paper”), which sets out the FCA’s proposals to significantly reform the UK’s equity listing regime. The...more
The FCA has published a consultation paper (CP23/10) containing its updated blueprint for a significantly reformed UK listing regime for share issuers. The transformational proposals are designed to make the UK listing...more
Proposals dramatically reduce the regulatory burden on listed companies. On 3 May 2023, the FCA published a consultation paper CP23/10 which sets out a blueprint for changes to the UK listing regime. The key reform...more
On 29 March 2023, the chief executive of the UK Financial Conduct Authority (FCA), Nikhil Rathi, delivered a speech at the Global Investment Management Summit in London on the wider UK capital markets ecosystem, which...more
This edition covers upcoming reforms to the UK listing regime, the FCA’s Primary Market Bulletin 44, the launch of a review into the UK investment research landscape, the PLSA’s 2023 Stewardship and Voting Guidelines, and...more
The FCA have published the next stage of the Primary Markets Effectiveness Review. They propose that companies who wish to list in the UK would no longer have to choose between two different segments (premium and standard)...more
The consultation response heralds innovation-friendly reform to the UK wholesale capital markets regime. On 1 March 2022, HM Treasury published its response to the July 2021 consultation on the Wholesale Markets Review...more
As recommended by Lord Hill, the Government has set out its policy approach to reform the UK prospectus regime. This includes separating the regulation of public offers of securities from the admission of securities to...more
Broad reform to listing regimes, growing ESG scrutiny, and increasing retail participation in fundraisings are among the areas to watch. Last year was memorable for UK equity capital markets (ECM). The IPO market was at...more
Following on from the FCA’s consultation on the effectiveness of the Primary Market, the FCA has published final rules on, amongst other things, free float and minimum market capitalisation, which come into force on 3...more
Lord Hill’s review of the Listing Regime along with the Kalifa Review of UK FinTech highlighted specific elements of the listing regime that act as barriers to companies listing. According to the Lord Hill’s review, the...more
The FCA has welcomed Lord Hill’s recommendations from the UK Listings Review, launched by HM Treasury last November. The review has highlighted that the listing regime is in need of reform and now is the time to act....more
Whilst Brexit formally happened when the UK left the European Union (EU) on 31 January 2020 (exit day), it has been treated as a Member State under Union law during the transition period established by the EU-UK Withdrawal...more
The FCA has published decision notices fining Cathay International Holdings Ltd, its CEO and Finance Director for breach of the Listing Principles and DTRs. Mark Steward, Executive Director of Enforcement and Market...more
On 26 October 2017, the Financial Conduct Authority published: - a Policy Statement (PS 17/22) relating to its consultation paper (CP 17/4): Review of the Effectiveness of Primary Markets: Enhancements to the Listing...more
A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. ...more