The UK Upper Tribunal (Tax and Chancery) has upheld the Financial Conduct’s Authority’s (FCA) decision to take action against two former executives of a bank for being “knowingly concerned” in the bank’s breach of the listing...more
The European Securities and Markets Authority has published a consultation on amendments to the research provisions in the revised Markets in Financial Instruments Directive following changes introduced by the Listing Act....more
The Council of the European Union has adopted the Listing Act legislative package, marking the final step in the decision-making process. The package consists of: (i) a regulation amending the Prospectus Regulation, Market...more
From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more
On 11 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/6 (Policy Statement), in which it sets out its final UK listing rules and summarises feedback to its earlier consultation and stakeholder...more
In July 2023, the UK government published its findings from the Investment Research Review (Review) as part of the UK government’s Edinburgh Reforms. The Review made a number of recommendations to encourage research...more
The Cayman Islands is now set to be removed from the EU anti-money laundering (AML) list. This action follows the decision of the Financial Action Task Force (FATF) monitoring group on 27 October 2023 and subsequent removal...more
In the second of our publications on the FCA’s Consultation Paper (CP23/31) setting out its detailed proposals for listing rules reforms, we take a closer look at what the proposals mean for the sponsor regime. The FCA...more
Issuers must consult with the SGX if they need flexibility to comply with Rule 877(10) of the Mainboard Rules and Rule 814(3) of the Catalist Rules. In a recent Regulator’s Column, the SGX RegCo reminded issuers that, in...more
The consultation paper confirms a radical approach to bolster the international competitiveness of the UK markets and return to a disclosure-based listing framework. The FCA today published consultation paper CP23/31...more
What Happened? The New York Department of Financial Services (NYDFS or Department) released proposed updates to its guidance on the self-certification process for listing and delisting digital assets. It also announced...more
In July 2023, the Investment Research Review (the Review) commissioned by the UK government published its findings into investment research in UK capital markets. The Review made the following seven recommendations, seeking...more
Welcome to our first edition of Corporate Briefing, where we review the latest developments in corporate law that you need to know about. In this month’s issue, we discuss...more
SMCR for FMIs: HM Treasury consultation HM Treasury has published a consultation paper proposing a Senior Managers and Certification Regime (SMCR or SM&CR) for financial market infrastructures (FMIs). The consultation closes...more
The highly anticipated Kalifa Review of UK Fintech (the Review), led by former Worldpay CEO Ron Kalifa, was published on 26 February 2021. Its 106 pages — made up of a five-point plan of key recommendations and 15...more
On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more
The SEC has denied a proposed rule change by NYSE Arca to permit the listing and trading of shares of the SolidX Bitcoin Trust. The reasons were substantially similar to the reasons the SEC denied a proposed rule change...more
The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more
This Hong Kong regulatory update provides a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock Exchange of Hong...more
If Britain decides to leave the European Union as a result of a “Brexit” vote on 23 June 2016, the effect on the UK and EU financial services sectors could be significant; in particular, there could be effects on the London...more