Following on from the consultation at the end of 2023, the FCA has published its changes to the Listing Rules sourcebook, chapter 8 (sponsors), which take effect immediately. The changes focus on how a sponsor or a person...more
A new Takeover Panel consultation proposes to narrow the scope of the companies subject to the Takeover Code (the “Code”). ...more
Here are the key action points from the ECCTA 2023 changes which come into force on 4 March...more
Following the May 2023 consultation on the UK Corporate Governance Code (“Code”), the FRC has published a revised Code. The changes focus primarily on one area - Internal Controls whilst other changes have been kept to a...more
Following on from the consultation earlier this year, the FCA has published feedback and detailed proposals which will transform the current listing regime. The FCA is proposing to create a single listing category for UK...more
In December 2022 the FCA commented on the earlier fine imposed on Sir Christopher Gent for unlawful disclosure of inside information. Since then, the FCA has received various questions from stakeholders in the context of...more
The Quoted Companies Alliance (QCA) has published a revised corporate governance code (Code). The Code is still based around 10 Principles but has been updated to keep pace with evolving investor expectations, particularly...more
Following on from its earlier consultation, the Code Committee of the Takeover Panel has published its amendments to Rule 21 of the Code which take effect on 11 December 2023 and apply to on-going transactions which straddle...more
The Economic Crime and Corporate Transparency Act (ECCTA) introduces a suite of wide-ranging reforms to tackle economic crime and improve transparency over corporate entities. Under the ECCTA, Companies House will have...more
Following a series of accounting and audit scandals in recent years and what has been described as a “crisis of trust”, the UK Government, regulatory bodies, and institutional investor groups have set out to reform the UK’s...more
10/12/2023
/ Audits ,
Board of Directors ,
Climate Change ,
Corporate Governance ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Reporting ,
Financial Reporting Council (FRC) ,
Greenhouse Gas Emissions ,
Institutional Investors ,
Proxy Advisors ,
Proxy Statements ,
Reporting Requirements ,
UK ,
UK Regulatory Reforms
The FRC has set out its expectations, in its Annual Review of Corporate Reporting, for the coming reporting season amidst the current economic background of high inflation, high interest rates and ongoing economic...more
The Chancellor has delivered his first Mansion House speech with a focus on bolstering the UK capital markets. The speech highlighted the:
..highly innovative step and global first of establishing a new ‘intermittent...more
The FRC has published research on the influence of proxy advisors and ESG rating agencies on the actions and reporting of FTSE 350 companies and investor voting. This makes interesting reading and highlights...more
Following the government’s white paper on ‘Restoring trust in audit and corporate governance’, the FRC has published a consultation on the UK Corporate Governance Code (“Code”). ...more
Primary Market Bulletin No. 44 reminds issuers of the:
..use of multimedia content (including audio and video) in regulatory news announcements;
..FCA’s position on the requirement for a prospectus when shares are...more
An update report from the Parker Review on Ethnic Diversity highlights that 96% of FTSE 100 companies have met the target of at least one minority ethnic director on their boards. FTSE 250 companies are making progress...more
The FCA has published Primary Market Bulletin No.42 which, amongst other things: (i) discusses themes from the FCA’s enquiries into unlawful disclosure of inside information (ii) highlights the relationship between the...more
12/15/2022
/ Acquisitions ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Foreign Investment ,
Internal Controls ,
Investment ,
Investment Adviser ,
Market Abuse ,
National Security ,
Personal Data ,
Regulatory Oversight ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
The Pre-emption Group has published a revised Statement of Principles permitting companies to disapply the statutory pre-emption rights for up to 20% (on a 10% + 10% basis) of their issued share capital in any one year. This...more
The UK Secondary Capital Raising Review, led by Mark Austin, has published its proposals on how to how to improve capital raising processes in the UK after IPO. Initial findings include increasing the pre-emption thresholds...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
In light of broad support, the FCA is proceeding with its changes to require companies to make annual disclosure requirements on the representation of women and people from an ethnic minority background at board and executive...more
Primary Market Bulletin No. 39 announces the removal of temporary measures, introduced during the Covid-19 pandemic, relating to the timing for publishing annual financial reports/interim results as well as rescinding the...more
Five years on significant progress has been made in reaching the goal of “At Least One by 21” (ie. every FTSE 100 company to have at least one person from a minority ethnic group on its board). At the end of 2021, 89 FTSE 100...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
In 2022, the annual reports of premium listed commercial companies should include a compliance statement setting out whether the company has made disclosures consistent with the “TCFD's recommendations and recommended...more