Podcast: ESMA Report: Undue Pressure on Companies
The EU and UK prospectus regimes govern disclosure requirements for securities offered to the public and/or admitted to trading on a regulated market. Recent and forthcoming changes to these regimes have implications for...more
The European Securities and Markets Authority has published a consultation paper on draft technical advice under the EU Prospectus Regulation and a call for evidence on prospectus liability. The consultation recommendations...more
ESMA has issued guidance on what should be included in EU prospectuses issued by special purpose acquisition companies (SPACs). ...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
Marketing speculative illiquid securities to retail investors: FCA CP20/8 - The UK Financial Conduct Authority (FCA) has published a consultation paper, CP20/8, "High-risk investments: Marketing speculative illiquid...more
The European Securities and Markets Authority has published a letter it addressed to the European Commission about the technical advice that the Commission requested from ESMA on the general equivalence criteria to guide...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
The European Securities and Markets Authority has published Guidelines on risk factors under the EU Prospectus Regulation that will provide guidance to Member State national regulators when reviewing prospectuses. The...more
The European Securities and Markets Authority has launched a consultation on its proposed guidelines on compliance with disclosure requirements under the new EU Prospectus Regulation. The Consultation Paper may be of...more
Debt capital markets players are entering into the Prospectus 3 era, with three major changes impacting debt prospectuses. Debt capital markets players are entering into the Prospectus 3 era. The Regulation (EU) 2017/1129...more
The European Commission has adopted a draft Delegated Regulation on the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated...more
After its entry into force on 20 July 2017, the new Prospectus Regulation ("PR3") will become fully applicable from 21 July 2019. It will replace the previous EU Directive 2003/71/EC (the "Prospectus Directive"). The change...more
The European Securities and Markets Authority has published a final report setting out Regulatory Technical Standards supplementing the Prospectus Regulation, which will apply fully across the EU from July 21, 2019. ESMA...more
The European Securities and Markets Authority has published a consultation paper on its draft technical advice to the European Commission on the minimum information content of documents provided for the purpose of describing...more
A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. ...more
The European Securities and Markets Authority has published its final report on its technical advice to the European Commission to supplement the provisions of the Prospectus Regulation with delegated legislation. The...more
As noted above, the new Prospectus Regulation entered into force on 20 July 2017. Following a request for technical advice from the European Commission, the European Securities and Markets Authority ("ESMA") has published...more
Following the European Securities and Markets Authority‘s (“ESMA“) observation in rapid-growth initial coin offerings (“ICOs“)s, on November 13, 2017, ESMA issued two statements on ICOs. ESMA notes in a statement for firms...more
On 30 June 2017, a new EU prospectus regulation (the “New Prospectus Regulation”) was published in the Official Journal of the European Union. The New Prospectus Regulation will, through a phased implementation, repeal and...more
FCA proposes a new premium listing category for sovereign controlled companies - On 13 July 2017, the Financial Conduct Authority published consultation paper CP 17/21 which proposes to create a new premium listing...more
A new prospectus regulation (Regulation (EU) 2017/1129) (the Regulation) will come into direct effect on 20 July 2017, with a small number of provisions applying immediately and the remainder applying from 21 July 2019. The...more
The Pre-Emption Group reports on the use of its Statement of Principles - The Pre-Emption Group, which represents listed companies, investors and intermediaries, has published a monitoring report looking at the use of its...more