The £150 million judgment makes clear the full impact of the trading misfeasance offence for directors....more
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
UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget. On 6 March 2024, HM Treasury published a consultation paper seeking...more
Of particular note this week in the EU, the Council adopted the legislative package to strengthen market data transparency which includes changes to the EU’s trading rules on market data, payment for order flow and commodity...more
The Financial Services and Markets Act 2023 (“FSMA 2023”) became law on 29 June 2023, with its principal objective stated in Section 1 being the revocation and replacement of EU laws that were retained and on-shored into the...more
UK regulator follows the European Securities and Markets Authority in clarifying the scope of the trading venue perimeter. On 5 July 2023, the FCA published its Policy Statement (PS23/11) containing final guidance on the...more
The UK Financial Conduct Authority (FCA) has issued decision notices to Banque Havilland and three individuals for failing to act with integrity by preparing advice recommendations involving manipulative trading strategies. ...more
In its May 2021 edition of Market Watch, the FCA described actions it took to address the impact which a firm’s trading algorithm was having in the market. Its concerns had been raised after the Regulator’s own internal...more
New ESMA guidance less strict than the established UK position on PFOF. On 13 July 2021, ESMA published a statement on payment for order flow (PFOF), the practice of brokers receiving payments from third parties for...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
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
For over a century, U.K. company law has enabled a company to propose, to its creditors or shareholders, a compromise or arrangement of their rights which, if approved by the requisite majority and then by the court, is...more
The Corporate Insolvency & Governance Act introduces temporary and permanent changes to UK insolvency and restructuring laws. On 28 March 2020, the UK government announced a number of reforms to UK insolvency laws: ...more
Note: This Insight has been updated since originally published on March.24.2020 with the title "COVID-19 - Protecting Directors from personal liability during uncertain times". We are amid a black-swan event that is...more
The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has returned. ...more
Given the many fast-paced UK government announcements of COVID-19-related measures, this Client Alert provides a summary, as of 28 March 2020, of the proposed changes to UK insolvency laws. As of 28 March 2020, the UK...more
In an important judgment on the interpretation of section 90A of the Financial Services and Markets Act 2000, Tesco Plc failed to strike out two group litigation actions brought in relation to allegedly false and misleading...more