Corporate weekly highlights—20 July 2017

Corporate weekly highlights—20 July 2017

This week’s edition of Corporate highlights includes the FCA’s consultation on proposals to create a new listing category for sovereign-controlled companies; the application of the Prospectus Rules (Miscellaneous Amendments) Instrument 2017 which brings into force certain provisions of the Prospectus Regulation on 20 July 2017; and analysis on the implications of the new Prospectus Regulation.

Equity Capital Markets

FCA consults on new listing category for sovereign-controlled companies

The Financial Conduct Authority (FCA) has launched a consultation on proposals to create a new category within its premium listing regime to cater for companies controlled by a shareholder that is a sovereign country.

According to the FCA, the rationale for having a distinct category for companies which have a sovereign country as a shareholder is that they will have access to the higher standard represented by the FCA’s premium listing regime, rather than its standard listing.

The consultation paper (CP17/21) follows on from discussion paper (17/2), ‘Review of the effectiveness of primary markets’, which discussed the role of listed primary markets and the structure of the UK listing regime in supporting that role. Comments are sought by 13 October 2017.

For details see news, LNB News 13/07/2017 135.

Early provisions of the Prospectus Regulation enter into force on 20 July 2017

The Prospectus Rules (Miscellaneous Amendments) Instrument 2017 (PR Instrument) was published by the Financial Conduct Authority (FCA) on 7 July 2017. From 20 July 2017 PR Instrument amends the FCA Handbook and the Prospectus Rules sourcebook to build in certain provisions of the Prospectus Regulation (EC) 2017/1129(Prospectus Regulation) that apply from that date.

Although most of the provisions of the Prospectus Regulation will apply from 21 July 2019, certain provisions (namely points (a), (b) and (c) of the first subparagraph of Article 1(5) and the second subparagraph of Article 1(5)) apply from 20 July 2017.  These provisions relate to the exemptions from publishing a prospectus in relation to the admission of securities to a regulated market.

For details see

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