Corporate weekly highlights—2 March 2017

Corporate weekly highlights—2 March 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 2 March 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the FCA’s consultation paper on reforming the availability of information in the IPO process, the FCA’s changes to DTR 2.5 to ensure they comply with ESMA inside information guidelines, the Purposeful Company Task Force’s recommendation for reform of executive remuneration, the McGregor-Smith review on race in the workplace, the FRC’s response to a consultation issued by the Task Force on Climate-related Financial Disclosures, the House of Commons Library’s Briefing Paper on key elements of Great Repeal Bill, and the IoD’s policy paper on navigating Brexit.

Headlines (News updates & analysis)

Equity capital markets

FCA looks to improve information availability in IPO processes

The Financial Conduct Authority (FCA) has proposed a package of measures to improve the timing, sequencing and quality of information being provided to market participants during the UK initial public offering (IPO) process in its Consultation Paper (CP) 17/5, 'Reforming the availability of information in the UK equity IPO process'. It follows on from the FCA Discussion Paper (DP) 16/3: 'Availability of information in the UK Equity IPO process’, which identified some areas of the current IPO process that could be improved. These included: restoring the centrality of an approved prospectus in the IPO process, enhancing standards of conduct throughout the process, and creating the necessary conditions for unconnected IPO research to be produced. DP 16/3 set out three possible models for a reformed IPO process.

With the publication of CP 17/5, the FCA are seeking to balance the views expressed by market participants in proposing a package of policy measures to build on DP 16/3. CP 17/5 proposes reforms, including amendments to the FCA Handbook rules, to ensure that a prospectus or registration

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