Global Capital Markets Update with Kroll
Private equity investments
On 11 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/6 (Policy Statement), in which it sets out its final UK listing rules and summarises feedback to its earlier consultation and stakeholder...more
In the second of our publications on the FCA’s Consultation Paper (CP23/31) setting out its detailed proposals for listing rules reforms, we take a closer look at what the proposals mean for the sponsor regime. The FCA...more
The FCA has published further detailed proposals for a significantly reformed UK listing regime, including the first tranche of its proposed new Listing Rules. The proposals mark another important milestone in the...more
The United Kingdom has long been a target destination for activist investors. It is the venue for nearly half of all of recent activist campaigns in Europe. In previous articles, we have discussed how informed boards should...more
Recent weeks and months have seen regular coverage on the growing trend of large UK based companies exploring listings on US stock exchanges such as New York Stock Exchange (NYSE) and Nasdaq at the expense of the London Stock...more
In July 2023, the Investment Research Review (the Review) commissioned by the UK government published its findings into investment research in UK capital markets. The Review made the following seven recommendations, seeking...more
As part of the wider review of the UK’s capital markets regulatory landscape, the FCA published Consultation Paper CP23/10, which sets out reforms for companies with listed shares on the Main Market of the London Stock...more
As a result of a combination of well documented macro-economic factors, new money financings backing traditional private equity (PE) activity has stalled so far in 2023. With a vast amount of PE capital at the ready,...more
As lawmakers look to reform aspects of wholesale markets regulation, the UK may be poised to drift closer to the US. In his Mansion House speech on July 1, 2021, Rishi Sunak, the then-Chancellor of the Exchequer, announced...more
On 4 November 2022, the Pre-Emption Group (“PEG”) published an updated Statement of Principles: Disapplying pre-emption rights reflecting certain recommendations of the UK Secondary Capital Raising Review (the “SCRR”) which...more
The latest proposals for reforming the UK equity capital markets, in response to Lord Hill’s UK Listing Review of March 2021 (the Listing Review), have been announced following the publication of the UK Secondary...more
FCA publishes discussion paper on replacing current premium and standard listing segments with new single listing segment and sponsor regime reforms- On 26 May 2022, the FCA published a discussion paper (DP22/2) seeking...more
It is fair to say that the acquisition and leveraged finance industry has shown resilience in relation to the difficult global situation arising from the covid-19 pandemic, particularly in comparison to the previous global...more
After a year during which uncertainty in the equity markets became the new normal, many stakeholders are wondering whether the disruptions are behind us. A look at key indicators might lead one to say yes. The S&P Loan Index...more
Proposals signal that the UK government is willing to diverge significantly from EU rules. On 1 July 2021, HM Treasury published a consultation on its Wholesale Markets Review....more
The European debt and equity markets shrugged off the impact of a nearly total shutdown due to COVID-19 at the end of the first quarter of 2020 to rebound with strong performances in the second half of the year. As activity...more
Last year presented a great many challenges, and much like 2008–2009, the impact was felt on a global basis. The last quarter of 2020 appeared to start with a sense of renewed optimism, with the end of pandemic-driven issues...more
During these unprecedented times, many funds seek opportunities to deploy capital, with a particular focus on the “special situations” space. A certain amount of heightened risk (or risk perception) in this economic climate...more
The package combines temporary policy interventions and existing options to help companies raise new share capital during the COVID-19 crisis. On 8 April 2020, the FCA published a Statement of Policy and related technical...more
For obvious reasons, the finer points of the functioning and regulation of the UK's capital markets and corporate governance are not necessarily at the forefront of the minds of legislators and policy makers while addressing...more
Guide to the eligibility requirements and continuing obligations of admitting securities to the UK's key equity capital markets. The UK has always been a popular destination for UK and overseas companies who are looking to...more
HEADLINES - In 2019, European take-private deals backed by private equity reached €34.5 billion over 31 deals - This is 14 per cent higher than 2018 and more than five times the total deal value seen just five years...more
2019 was a challenging year for equity capital markets. Proceeds from IPOs fell by over 25% in the UK, and by more than 30% across Europe. A number of political and economic factors, which contributed to pricing uncertainty...more
Hogan Lovells Guide to the eligibility requirements and continuing obligations of admitting securities to the Premium, Standard and High Growth segments of the Main Market and AIM – (updated as at August 2019). ...more
Within a decade, the UK's peer-to-peer (P2P) financial services sector has moved from an offbeat outsider to an increasingly significant and permanent player in loan and equity markets. Total lending facilitated by UK P2P...more