Corporate weekly highlights—16 February 2017

Corporate weekly highlights—16 February 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 16 February 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the FCA’s consultations on UK primary capital markets and Listing Rules; ESMA’s new Q&A tool, the House of Commons Work and Pensions Committee’s recommendations on corporate governance; the FRC’s update report on audit practices; the London Stock Exchange Group’s guidance on environmental, social and governance reporting; the news that Thomas Cook has scrapped its share incentive plan; case analysis of a High Court decision considering whether the Chairman of scheme meeting can disallow votes in manipulative share splitting instances; the CBI and Clifford Chance’s report on trade scenarios following Brexit; and analysis of the recent HBOS criminal case.

Headlines (News updates & analysis)

Equity capital markets

FCA consults on UK primary capital markets and Listing Rules

The Financial Conduct Authority (FCA) has published a discussion paper, ‘Review of the Effectiveness of Primary Markets: The UK Primary Markets Landscape’ (DP17/2). The FCA is interested in views on: the current split between standard and premium listing, supporting the growth of science and technology companies, the listing of debt securities and debt multi-lateral trading facilities, and retail access to debt markets.

The FCA have also published a consultation paper, ‘Review of the Effectiveness of Primary Markets: Enhancements to the Listing Regime’ (CP17/4). The proposed changes include: the premium listing eligibility requirements, the classification of transactions by premium listed issuers, and the FCA’s approach to suspending an issuer’s listing when a reverse takeover has been announced or leaked.

The papers are part of the FCA’s 2016/17 Business Plan commitment to review the structure of the UK’s primary markets to ensure they continue to serve the needs of issuers and investors. Comments and responses are requested by 14 May 2017.

ESMA publishes new Q&A tool

The European Securities and Markets Authority (ESMA) has launched a new Q&A tool. It is

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