On 26 July 2024, the FCA published consultation papers on a new public offers and admissions to trading regime to replace the existing UK Prospectus Regulation, and on proposals to establish public offer platforms (POPs) as a...more
In recent times, there has been an increasing trend of supervision by the Israel Securities Authority (ISA) over non-supervised entities. This may seem paradoxical: if these entities are not under supervision, why does the...more
A considerable number of Israeli private companies raise funds and approach prospective investors without a comprehensive understanding of the regulatory obligations mandated by the Securities Law. A pivotal provision in this...more
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more
The FCA reveals its initial thinking on the regulatory framework for primary multilateral trading facilities and public offer platforms. On 13 July 2023, the FCA published its fifth and sixth engagement papers to solicit...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 updated Statement of Principles will have an immediate impact on UK listed companies, providing increased flexibility to undertake larger non-pre-emptive capital raisings. On 4 November 2022, the Pre-Emption Group...more
On October 26, 2022, the Securities and Exchange Commission (SEC) adopted final rule and form amendments (Final Rule) that significantly alter the form and content of annual and semi-annual shareholder reports provided by...more
La Superintendencia Financiera de Colombia (SFC) expidió recientemente la Circular Externa 020 del 29 de julio de 2022 mediante la cual se define el contenido que deberán tener aquellos prospectos de información que tengan...more
On March 1, 2022, HM Treasury published its conclusions on the consultation it launched in July 2021 on major reforms to the U.K.’s prospectus regime. That consultation followed on from Lord Hill’s Listing Review which made...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
The changes indicate a more dynamic and flexible UK prospectus regime with the FCA to play a central role through enhanced rule-making powers. On 1 March 2022, the UK government (through HM Treasury (HMT)) announced the...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
With ongoing regulatory developments affecting capital markets globally, many China-related businesses are considering pursuing their IPOs in Hong Kong. However, the regulatory regime for IPOs on the Stock Exchange of Hong...more
ESMA warns against investor protection risks and provides guidance on expected disclosures. On 15 July 2021, ESMA published a statement on the prospectus disclosure and investor protection issues raised by special...more
A wave of IPOs continues to flood the market, prompting the Israel Securities Authority to publish a new staff position paper discussing three key topics. Information disclosures In principle, the Israeli Securities Law...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
This is our initial public offering guide. It will help you decide whether an IPO is the right move for your company and, if so, help you make sure your IPO goes off as quickly and as smoothly as possible, without any...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
The Israeli Securities Authority has announced that distribution entities now may be liable for the contents of a prospectus. In a staff position paper published in late July, the ISA changed the rules of the game in the...more
ESMA has updated its CESR recommendations in line with the Prospectus Regulation and has taken this opportunity to clarify its expectations on key areas such as working capital statements and pro forma information. The...more
On March 13, 2020, the staff of the Securities and Exchange Commission (“SEC”) issued an exemptive order providing relief from certain provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), to...more