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
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 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
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
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 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
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
To assist in-scope UK companies comply with the new mandatory climate-related financial disclosures when reporting next year, the Government has published some helpful non-binding guidance.
Separately, the first report...more
The FCA has published Primary Market Bulletin No.37 (PMB) with the findings of its review of conflict queries since the publication of Technical Note 701.3. In general, there have been fewer conflict queries but the review...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
12/3/2021
/ Capitalization ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Listing Standards ,
Prospectus ,
Share Classes ,
Stock Float ,
Transparency ,
UK ,
Voting Rights
The FCA has published Primary Market Bulletin No. 36 to introduce specific Task Force on Climate-related Financial Disclosures (TCFD) aligned climate-related disclosure requirements for listed companies and to set out the...more
Due to a lack of standardised and mandatory transparency about diversity on listed company boards, particularly those outside of the FTSE 350, and in response to the demand from investors to focus on topics around ESG, the...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
Lord Hill’s findings on the UK Listings Regime in March 2021 recognised a need for change and reform including a fundamental rethink of the current prospectus regime.
In response to this, HM Treasury is consulting on...more
7/6/2021
/ Consultation ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
FSMA ,
HM Treasury ,
Initial Public Offering (IPO) ,
Privately Held Corporations ,
Prospectus ,
Public Offerings ,
Securities Regulation ,
Trading Policies ,
UK
As part of the UK government’s roadmap towards mandatory climate-related disclosures across the entire UK economy by 2025, the FCA is proposing to extend the application of its new climate-related disclosure requirements to...more
6/23/2021
/ Capital Markets ,
Climate Change ,
Consultation ,
Corporate Governance ,
Corporate Issuers ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Statements ,
Listing Rules ,
Policy Statement ,
Publicly-Traded Companies ,
UK
The Financial Services Act 2021 (the “Act”) has received Royal Assent and is now law.
What does this mean for issuers?...more
The Financial Conduct Authority (FCA) has published Primary Market Bulletin No.33 (PMB No.33) featuring Brexit-related changes for EEA audit firms, details of their new online portal for submitting major shareholdings...more
The Government has published its long-awaited White Paper on the reform of the UK’s audit, corporate reporting and corporate governance system including a package of measures aimed at improving the UK’s audit, corporate...more
3/19/2021
/ Audits ,
Board of Directors ,
Consultation ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Internal Controls ,
Proposed Regulation ,
Public Interest Entities ,
Publicly-Traded Companies ,
Reporting Requirements ,
UK ,
UK Companies Acts ,
White Papers
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
3/4/2021
/ Capital Formation ,
Capital Raising ,
Corporate Governance ,
Dual Class Share Structures ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Initial Public Offering (IPO) ,
Listing Standards ,
Prospectus ,
Publicly-Traded Companies ,
Retail Investors ,
Special Purpose Acquisition Companies (SPACs)
Executive pay has been a hot topic for a number of years but the uncertainty created by the pandemic has resulted in an increased level of scrutiny of public company pay decisions and revised related proxy voting...more
1/27/2021
/ AIM ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Disclosure Requirements ,
Executive Compensation ,
Financial Conduct Authority (FCA) ,
Glass Lewis ,
Ireland ,
Proxy Statements ,
Proxy Voting Guidelines ,
Publicly-Traded Companies ,
Remuneration ,
Time Extensions ,
UK
The Financial Conduct Authority (FCA) has published Primary Market Bulletin No.32 (PMB No.32) to remind issuers of the changes to market rules as a result of Brexit. Separately the QCA and UHY Hacker Young have published...more