Corporate weekly highlights—13 July 2017

Corporate weekly highlights—13 July 2017

This week’s edition of Corporate highlights includes ESMA’s updated Market Abuse Regulation Q&A; the London Stock Exchange’s discussion paper on proposed on AIM rulebooks changes; the FCA’s Prospectus Rules (Miscellaneous Amendments) Instrument 2017; and the Takeover Panel’s Practice Statement No 31.

Equity Capital Markets

ESMA updates Market Abuse Regulation Q&As

The European Securities and Markets Authority (ESMA) has updated its Q&A document regarding the implementation of the Market Abuse Regulation.

Certain sections of the Market Abuse Regulation apply to a person discharging managerial responsibility (PDMR) in an issuer and those ‘persons closely associated’ with them. ESMA has added a new Q&A to its Q&A document providing guidance on parts of the definition of a ‘closely associated person’ under Article 3(1)(26)(d) of the Market Abuse Regulation.

The new Q&A clarifies that the reference to ‘the managerial responsibilities of which are discharged’ in Article 3(1)(26)(d) of the Market Abuse Regulation should be read to cover those cases where a PDMR within an issuer (or a closely associated natural person, trust or partnership) takes part in or influences the decisions of another legal person, trust or partnership to carry out transactions in the issuer's financial instruments.

For details see news, LNB News 06/07/2017 132.

London Stock Exchange invites views on AIM rulebooks changes

The London Stock Exchange has issued a discussion paper on proposed changes to the AIM rules for companies and AIM rules for nominated advisers (AIM rulebooks).

The proposals relate to admission criteria; early clarity for applicants; nominated advisers in the admission process; approach across the nominated adviser community in respect of appropriateness considerations; and corporate governance levels.

Responses should be sent by 8 September 2017.

For details see news, LNB News 11/07/2017 127.

FCA publishes Prospectus Rules (Miscellaneous Amendments) Instrument 2017

The Financial Conduct Authority (FCA) has published the Prospectus Rules (Miscellaneous Amendments) Instrument 2017, which amends the FCA Handbook and Prospectus Rules sourcebook so as to build in provisions of the Prospectus Regulation which shall apply from 20 July 2017.

Although the Prospectus Regulation shall apply from 21 July 2019, certain of its provisions shall apply from 20 July 2017, namely points (a), (b) and (c) and the second sub-paragraph of Article 1(5). The Instrument amends the Prospectus Rules sourcebook to build in these provisions.

For details see news, 

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