In December 2022, the Financial Conduct Authority (“FCA”) carried out a consultation on the introduction of a new regulatory gateway for firms who approve financial promotions. On 12 September 2023, the FCA published Policy...more
On 15 June 2023, The Insider Dealing (Securities and Regulated Markets) Order 2023 (the “2023 Order”) came into force. The 2023 Order seeks to align certain outdated aspects of the UK’s criminal insider dealing regime under...more
The UK Financial Conduct Authority (the “FCA”) on May 3, 2023, published consultation paper CP23/10 (the “Consultation Paper”), which sets out the FCA’s proposals to significantly reform the UK’s equity listing regime. The...more
On 19 July 2022, HM Treasury published a report containing recommendations from its UK Secondary Capital Raising Review (the “SCRR Review”) (the “SCRR Report”). The SCRR Review examined how post-IPO capital raisings by...more
On 26 May 2022, the Financial Conduct Authority (the “FCA”) published a discussion paper (DP22/2), setting out its response to feedback received to consultation paper 21/21: Primary Markets Effectiveness Review and seeking...more
On 24 March 2022, the Takeover Panel (the “Panel”) issued a note to advisers on disclosure of information under Rule 9 of the Takeover Code (the “Code”) and a note to advisers in relation to Rule 2.8 statements. Such notes do...more
On 17 November 2021, the Takeover Panel (the “Panel”) published Panel Bulletin 3 (the “Bulletin”) relating to the requirements of Rule 2.10(c) of the Takeover Code (the “Code”). Under Rule 2.10(c), a person who has given an...more
On 29 April 2021 the Financial Services Bill 2019-21 received Royal Assent and the Financial Services Act 2021 (the “Act”) was published. This OnPoint sets out three key aspects of the Act and the implications for issuers....more
On 29 April 2021, the UK Financial Conduct Authority ("FCA") published a discussion paper (DP21/1) seeking consultation on proposals to amend the financial promotion rules. The consultation mainly seeks feedback in relation...more
Following on from the recent Hill Review of the UK Listing Rules and its recommendations, we reported on the UK Financial Conduct Authority’s (“FCA”) response and how the proposed changes might affect the SPAC market. On 19...more
On 31 March 2021 the Takeover Panel (the Panel) published its Response Statement (RS 2020/1) setting out significant changes to the Takeover Code (the Code) in relation to conditions to offers and the offer timetable....more
Special Purpose Acquisition Companies, commonly known as ‘SPACs’ or ‘blank check companies’, have recently seen a huge uplift in investor appetite with little sign of this trend abating any time soon. Understandably, SPACs...more
On 3 March 2021, Lord Hill published his recommendations from the UK Listing Review (the "Review"). The Review was launched by the Chancellor in November 2020 to further enhance the UK’s position as an international...more
COVID-19 has had a significant financial impact on many listed companies and, in recent months, there has been a marked increase in equity capital raises by listed companies. As at 22 July 2020, there have been over 100...more
8/17/2020
/ Biotechnology ,
Capital Raising ,
Equity Securities ,
Health Care Providers ,
Healthcare Facilities ,
Life Sciences ,
Mergers ,
Pharmaceutical Industry ,
Popular ,
Publicly-Traded Companies ,
UK
The capital markets are in a state of unprecedented volatility, with major losses in equities reflecting fears about the impact of the COVID-19 coronavirus, as well as a result of the sharp slump in oil prices. Despite...more
The Government’s announcement of new measures on 23 March 2020 requiring people to stay at home, except for very limited purposes, and to stay two metres away from other people has had an effect on the ability of public...more
On 24 October 2019, the Financial Reporting Council (the "FRC"), the regulatory body for auditors, accountants and actuaries, published the UK Stewardship Code 2020 (the "Code"). In its press release, the FRC states that the...more
11/15/2019
/ Accountants ,
Actuaries ,
Asset Management ,
Auditors ,
Corporate Governance ,
EU ,
Financial Reporting Council (FRC) ,
Financial Services Industry ,
Investment Funds ,
Reporting Requirements ,
Service Professionals ,
Shareholder Rights ,
Stewardship Code ,
UK
As part of its Capital Markets Union action plan, in June 2017 the EU adopted the new Prospectus Regulation (2017/1129), which overhauls the prospectus regime and is intended to improve accessibility to capital markets for...more
The European Commission on 30 November 2015 announced proposals to overhaul the prospectus rules to improve access to finance for companies and simplify information for investors.
The new prospectus regulation forms part...more
The London Stock Exchange (“LSE”) on 15 October 2015 published AIM Notice 421 announcing a consultation in relation to certain proposed changes to the AIM Rules for Companies (“AIM Rules”) potentially affecting “investing...more
The Association of British Insurers (“ABI”) has published guidance on the expectations and views of ABI members on various aspects of equity capital market transactions. The guidance is split into three sections, ‘Initial...more