Earlier this year, we wrote about a proposal buried within the Senate version of the National Defense Authorization Act for Fiscal Year 2024 that would effectively make insiders of foreign private issuers (FPIs) subject to...more
On 4 November 2022, the UK Pre-Emption Group (PEG) issued a new Statement of Principles on disapplying pre-emption rights and associated template resolutions. The Statement of Principles has been revised with immediate effect...more
Does Board Diversity Mean the Same Thing Worldwide?
Now that Nasdaq’s board diversity matrix disclosure deadline has arrived, foreign private issuers (FPIs) and companies considering US initial public offerings are...more
The Securities and Exchange Commission has proposed new rules that would require extensive climate change disclosure in registration statements and periodic reports. The Wall Street Journal has called this proposal “the...more
Background -
On 1 July 2021, HM Treasury published a consultation on the UK prospectus regime (the UK Prospectus Regime Review). In the UK Prospectus Regime Review, the UK government considered that there was a significant...more
On 2 December 2021, the UK Financial Conduct Authority (FCA) confirmed a series of rule changes designed to remove immediate barriers to listing, make its rulebooks more accessible, and protect and enhance market integrity....more
The Financial Conduct Authority (FCA) has launched a consultation on proposed changes to its Listing Rules for certain special purpose acquisition companies (SPACs). The proposed changes to the rules around SPACs were...more
On 3 March 2021, as the Chancellor of the Exchequer prepared to unveil his budget to take Britain out of lockdown and reawaken the UK economy, Lord Hill of Oareford published a long-awaited review of the UK listing regime...more
The UK offers a range of markets that companies based in the People's Republic of China (PRC) might consider as venues for a primary or secondary listing of their equity securities.
This alert provides an overview of the...more
The United Kingdom (UK) offers a range of markets that companies in the People’s Republic of China (PRC) might consider as venues for a primary or secondary listing of their equity securities....more
1. Selecting a stock exchange or market -
Understand the benefits of the alternative listing options, such as the premium or standard segments of the Main Market or the AIM market of the London Stock Exchange, which are...more
On 27 May 2020, the FCA in the UK published a newsletter outlining its continuing expectations of issuers in the UK on market conduct and transaction reporting issues.
The FCA also published a Primary Market Bulletin...more
On May 20, the Financial Reporting Council (FRC) published an updated version of its guidance for companies on corporate governance and reporting during the COVID-19 crisis to include new sections on exceptional or similar...more
On May 20, 2020, the European Securities and Markets Authority issued a public statement on the impact of the COVID-19 pandemic on the half-yearly financials of listed issuers. In particular, ESMA addressed the preparation of...more
On April 28, 2020, the Financial Conduct Authority (FCA) published a “Dear CEO” letter on ensuring the fair treatment of corporate customers preparing to raise equity finance.
The FCA expects financial services firms to...more
In its March guidance for auditors, the UK Financial Reporting Council (FRC) recognised the practical difficulties some companies and auditors are facing in preparing accounts and carrying out audits. The FRC highlighted the...more
On April 17, 2020, the European Securities and Markets Authority (ESMA) provided guidance on the application of alternative performance measures (APMs) in the context of the COVID-19 pandemic by issuing Q&A 18 on its...more
The UK Financial Conduct Authority (FCA) published a policy statement and two associated technical supplements on April 8, 2020, announcing a series of measures aimed at assisting companies to raise new share capital in...more
The UK Pre-Emption Group (PEG) issued a statement, published on April 1, 2020, regarding its expectations for non-pre-emptive issues by companies listed in the UK in the context of the coronavirus pandemic....more
In light of the COVID-19 pandemic, several key updates for UK and European capital markets have recently been released, focusing primarily on financial reporting, including a joint statement by the Financial Conduct Authority...more
On 16 March 2020, the UK Financial Reporting Council (FRC) issued updated guidance for auditors which may be facing practical difficulties in carrying out audits as a result of the COVID-19 pandemic....more
The UK Financial Conduct Authority (FCA) provided issuers and market participants with commentary in light of the COVID-19 pandemic in its Primary Market Bulletin 27, published on March 17, 2020.
The FCA have stated that...more
On 18 February 2020, the UK Financial Reporting Council (FRC) published advice to companies and auditors on COVID-19 risk disclosures. At that time, the FRC said the advice was particularly relevant for companies either...more
Statement by the FCA -
The UK Financial Conduct Authority (FCA) issued a statement relating to COVID-19 on 4 March 2020. It stated that the FCA is working closely with the financial services sector to ensure it is...more
As the 2020 annual general meeting ("AGM") season approaches, public companies incorporated in England and Wales need to consider what actions they can take to ensure their AGM is compliant with the law and how to facilitate...more