FCA takes an innovative approach to obtain feedback from industry and stakeholder groups.
In May 2023, the FCA launched a process of engagement and dialogue on how the UK’s future prospectus regime could operate....more
Proposals significantly reduce the regulatory burden on premium listed companies.
On 3 May 2023, the FCA published a consultation paper CP23/10 which sets out a blueprint for changes to the UK listing regime and the...more
Proposals dramatically reduce the regulatory burden on listed companies.
On 3 May 2023, the FCA published a consultation paper CP23/10 which sets out a blueprint for changes to the UK listing regime. The key reform...more
This edition covers the FCA’s priorities for the next 12 months, the ICGN statement on post-pandemic AGM practices, Takeover Code changes affecting competitive bids, and a proposed new corporate “failure to prevent fraud”...more
5/2/2023
/ Corporate Governance ,
Corporate Transparency Act ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Fraud ,
Internal Controls ,
Market Abuse ,
Regulatory Standards ,
Takeover Code ,
Takeovers ,
UK
This edition covers upcoming reforms to the UK listing regime, the FCA’s Primary Market Bulletin 44, the launch of a review into the UK investment research landscape, the PLSA’s 2023 Stewardship and Voting Guidelines, and...more
4/3/2023
/ Corporate Governance ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Executive Compensation ,
Financial Conduct Authority (FCA) ,
FTSE ,
HM Treasury ,
Listing Standards ,
MiFID ,
Regulatory Reform ,
Research Reports ,
Shareholders ,
UK
FCA chief executive’s speech indicates an exciting transition to a lighter regime and a true single listing segment. By James Inness, Anna Ngo, and Johannes Poon On 29 March 2023, FCA Chief Executive Nikhil Rathi delivered a...more
This first edition of 2023 covers recent guidance from the FCA’s Primary Market Bulletin 42 and Market Watch 71, major changes to the Takeover Code’s “acting in concert” presumptions, an FCA penalty for publishing misleading...more
The landmark UK Secondary Capital Raising Review Report takes a holistic approach in making bold and comprehensive recommendations to improve the UK secondary capital raising processes and ecosystem.
On 19 July 2022, HM...more
8/1/2022
/ Capital Markets ,
Capital Raising ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Information Reports ,
Initial Public Offering (IPO) ,
Prospectus ,
Publicly-Traded Companies ,
Secondary Markets ,
UK ,
UK Regulatory Reforms
The regulator continues its Primary Markets Effectiveness Review to promote the competitiveness of a UK listing.
On 26 May 2022, the FCA published a discussion paper (DP22/2) to seek further views on how to make the UK...more
The new rules provide issuers with flexibility to report on representation of women by reference to either gender identity or sex.
On 20 April 2022, the FCA published its final policy decision on the proposals set out in...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
Broad reform to listing regimes, growing ESG scrutiny, and increasing retail participation in fundraisings are among the areas to watch.
Last year was memorable for UK equity capital markets (ECM). The IPO market was at...more
1/21/2022
/ Annual Meeting ,
Capital Markets ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Foreign Direct Investment ,
Initial Public Offering (IPO) ,
Listing Rules ,
Listing Standards ,
Private Equity ,
Retail Investors ,
Special Purpose Acquisition Companies (SPACs) ,
UK
The new rules aim to make London a more attractive listing venue for founder-led and other innovative IPO candidates.
On 2 December 2021, the UK Financial Conduct Authority (FCA) published a Policy Statement (PS21/22)...more
Proposals reflect growing investor focus on the ESG performance of listed companies.
The UK Financial Conduct Authority (FCA) has launched a consultation setting out proposed changes to its Listing Rules (LRs) and...more
The revised criteria allow UK-listed SPACs to avoid a suspension of their shares when announcing a de-SPAC deal.
The UK, acting through the Financial Conduct Authority (FCA), will implement a new SPAC listing regime from...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
7/19/2021
/ Consultation ,
Corporate Governance ,
Disclosure Requirements ,
EU Prospectus Regime ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
MiFID II ,
Prospectus ,
Prospectus Regulation (PR3) ,
Retail Investors ,
Special Purpose Acquisition Companies (SPACs) ,
UK
The FCA is consulting on extending its rules to standard listed issuers.
On 22 June 2021, the FCA published a Consultation Paper (CP21/18) on extending the application of the existing climate-related disclosure...more
6/28/2021
/ Asset Management ,
Capital Markets ,
Climate Change ,
Consultation ,
Corporate Governance ,
Corporate Issuers ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Reporting ,
G7 ,
IFRS ,
Listing Rules ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
As interest in European SPACs heats up amid an increasingly receptive regulatory environment, dealmakers must navigate market differences.
While US special purpose acquisition company (SPAC) IPOs and related M&A activity...more
Proposed changes to the UK Listing Rules would allow certain SPACs to avoid a listing suspension.
Key Points:
..The FCA is proposing to amend its rules so that SPACs meeting certain conditions and disclosure...more
The FCA publicly censured the IT service provider for publishing false information about its net debt and holdings of cash and cash equivalents.
On 26 June 2020, the FCA issued a final notice to Redcentric PLC...more
New guidance for issuers and market participants on capital raising events and alternative working arrangements, and additional time allowed for filing half-yearly financial reports.
On 27 May 2020, the FCA published its...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
The FCA asks issuers to delay publishing their preliminary financial results due to COVID-19.
Key Points:
..The FCA is asking issuers to delay the publication of their preliminary financial accounts by at least two...more
The FCA is moving towards formalising issuers’ compliance with the TCFD recommendations.
Key Points:
..The FCA is proposing that premium listed commercial companies will need to disclose how they have implemented the...more
The regulatory regime and disclosure requirements for listed companies in the UK will continue to evolve in 2020. Issuers and their advisers should be aware of the key legal developments that will occur during this year,...more
1/24/2020
/ Climate Change ,
Commission Delegated Regulation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Environmental Social & Governance (ESG) ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Prospectus Regulation (PR3) ,
Publicly-Traded Companies ,
Regulatory Standards ,
Reporting Requirements ,
Shareholder Rights ,
Shareholders ,
Small and Medium-Sized Enterprises (SMEs) ,
Transparency ,
UK