Corporate weekly highlights—16 December 2016

Corporate weekly highlights—16 December 2016

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 16 December 2016, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the newly agreed prospectus regulation; the guidance from the London Stock Exchange (LSE) stating that disclosure by social media is no substitution for the disclosure requirements under AIM Rules 10 and 11; the publication of SI 2016/1194 Companies Act 2006 (Distributions of Insurance Companies) Regulations 2016; the publication of SI 2016/1192 Venture Capital Trust (Amendment) Regulations 2016; the consultation by the Financial Reporting Council (FRC) on draft amendments to FRS 101; the FRC’s amendments to FRS 101 and 102; the International Accounting Standards Board’s minor changes to IFRS Standards; the Private Equity Reporting Group’s annual report; the European Parliament briefing on Brexit and EU financial services; and analysis on the recent changes to the Investment Association principles of remuneration.

Headlines (News updates & analysis)

Equity capital markets

Revamped EU prospectus regulation

A new set of EU prospectus rules to support companies raising money on capital markets to invest and grow has been agreed by the European Parliament, the Council and the Commission. It will also help investors to make better and more informed decisions.

Firstly, the new rules will exempt the smallest capital raisings from the burden of producing a lengthy and expensive prospectus. Secondly, member states will be able to set higher thresholds to support growth in their domestic markets, increasing from €5m to €8m. Thirdly, for small companies who want to raise money across the EU, a new EU growth prospectus will be created for use by small and medium-sized companies and mid-caps.

The reform was proposed by the Commission on 30 November 2015 as part of its Capital Markets Union Action Plan in order to improve access to finance for companies and simplify information for investors.

Disclosure by social media no substitution for AIM Rules requirements

The London Stock Exchange (LSE) has released guidance to provide

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