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
The Financial Conduct Authority (FCA) conducted a review of Delayed Disclosure of Inside Information (DDII) notifications which identified a number of areas where it will be increasing its oversight in the future. This note...more
The Investment Association (IA) has published (i) additional guidance on shareholder expectations for executive remuneration in light of COVID; (ii) its 2021 Principles of Remuneration; and (iii) its statement on executive...more
The FCA are making changes to the way TR-1 Forms (notifications of major shareholdings) are submitted pursuant to DTR 5. Investors in Main Market companies are being advised to complete the new 2-step registration process,...more
This edition of the Primary Market Bulletin includes an update on the implementation of the European Single Electronic Format, COVID temporary policy measures on corporate reporting and a reminder for issuers and their...more
11/12/2020
/ Coronavirus/COVID-19 ,
Corporate Governance ,
Corporate Issuers ,
Disclosure Requirements ,
Electronic Filing ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Reporting ,
Insider Information ,
Relief Measures ,
UK
This consultation paper proposes a number of amendments to (i) simplify the offer timetable under the Code (ii) provide certainty that once a firm offer has been announced it will not lapse or be withdrawn without good reason...more
The UK Government has announced that it is extending, until 30 December 2020, the provisions which allow companies to hold AGMs and other general meetings safely.
The Corporate Insolvency and Governance Act 2020 (the...more
In this draft note the FCA confirms the well-established position that the issue of new securities pursuant to a scheme of arrangement (scheme) under Part 26 of the Companies Act 2006 does not constitute an offer of...more
The London Stock Exchange (‘LSE’) has agreed a public censure and fine of £300,000 with Yü Group plc for breach of Rules 10 and 31 of the AIM Rules for Companies which occurred when the company disclosed inaccurate financial...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
The FCA has published a Decision Notice and fined the former CEO of WorldSpreads Ltd for engaging in market abuse (dissemination, manipulating transactions and false or misleading impressions) and banned him from performing...more
The FCA has published a public censure against an AIM company, Redcentric PLC (“Redcentric”), for committing market abuse by publishing false information about its debt and cash positions. As an IT firm providing services...more
To coincide with the FCA’s recent statement on temporary relief for listed companies on publishing half-yearly financial reports, the London Stock Exchange has published similar measures for AIM companies.
Temporary relief...more
The FCA have published temporary measures on the publication of half-yearly financial reports along with commentary on (i) addressing coronavirus-related uncertainties in the ‘going concern’ assessment and (ii) their...more
The government has published the Corporate Insolvency and Governance Bill (the ‘Bill’) which contains draft legislation on how companies can hold their 2020 AGM in light of the pandemic. Once implemented, these measures will...more
As the AGM season is upon us, many companies have already made the decision to withdraw the proposal to pay a final dividend in order to preserve cash and provide financial flexibility for the future. Other companies are...more
With effect from 27 April 2020, the Listing Rules were amended to require issuers with equity and debt securities admitted to the Official List to ensure that a document is publicly available in the National Storage Mechanism...more
In response to a request from Remuneration Committees of UK listed companies and their advisers, the Investment Association (IA) has published shareholder expectations on how remuneration committees should be reflecting the...more
On 28 March the UK Government announced that it will introduce legislation to ensure that companies can hold Annual General Meetings (AGMs) safely. Legislation is currently being drafted but in the interim, the FRC and BEIS...more
Further relaxations for raising capital -
As we discussed in our previous article on cash box placings, whilst the market is now looking to employ this structure where necessary, the Pre-emption Group has historically not...more
The FCA is launching a new National Storage Mechanism (NSM) portal, currently scheduled for 6 April 2020.
Under the new system, all submitters to the NSM will be required to have an ESS (Electronic Submission System)...more
In these unprecedented and challenging times, financial services regulators across the globe have been trying to preserve market integrity, while also acknowledging that the COVID-19 / Coronavirus pandemic has made it...more
Temporary measures have been published to the publication of annual accounts for Main Market and AIM companies and the dividend procedure timetable. In addition, the FRC has published guidance to assist companies in preparing...more
The London Stock Exchange has published Inside AIM on temporary measures to support AIM companies and nominated advisers (nomads) through the current challenges. It has also written to nomads on the publication of prelims,...more
Despite the cash box being a structure which has seldom been used since March 2015 due to concerns raised by investor bodies, the urgent need for cash in uncertain times may lead to a revival of this once popular...more