Corporate weekly highlights—21 December 2017

Corporate weekly highlights—21 December 2017

This week’s edition of Corporate highlights includes the FCA’s first fine under MAR for late disclosure of inside information, ESMA’s consultation on the Prospectus Regulation regulatory technical standards, the Investment Association’s public register of listed companies which have significant shareholder rebellion and comments from the Takeover Panel on Disney’s agreement to acquire 21st Century Fox. We have also published the LexisPSL Corporate end of year round-up and an updated Precedent in our Private Equity topic area.

Equity Capital Markets

FCA first fine under MAR for late disclosure of inside information

The Financial Conduct Authority (FCA) has fined AIM investment company Tejoori Limited (Tejoori) £70,000 for failing to inform the market of inside information as required by Article 17(1) of the Market Abuse Regulation (MAR). This is the first fine the FCA has imposed on an AIM company for late disclosure following the introduction of MAR on 3 July 2016.

Tejoori breached Article 17(1) of MAR because it did not release an announcement about its shareholding in BEKON Holding AG (BEKON) as soon as possible after being informed on 12 July 2016 that there was a reasonable expectation that it would be required to sell its shares in BEKON for no initial consideration and with only a possibility of receiving deferred consideration that was materially lower than Tejoori’s valuation of its investment.

Tejoori notified the FCA of its breach of Article 17(1) of MAR, providing an account of the events and it co-operated fully with the investigation. Tejoori agreed to settle at an early stage and qualified for a 30% discount under the Authority’s executive settlement procedures. Without this the financial penalty would have been £100,000.

Tejoori has now cancelled its admission to trading on AIM.

For further information, see LNB News 14/12/2017 54.

ESMA consults on Prospectus Regulation RTS

The European Securities and Markets Authority (ESMA) has opened a consultation on draft regulatory technical standards (RTS) under the new Prospectus Regulation (

Subscription Form

Related Articles:
Latest Articles:

Already a subscriber? Login
RELX (UK) Limited, trading as LexisNexis, and our LexisNexis Legal & Professional group companies will contact you to confirm your email address. You can manage your communication preferences via our Preference Centre. You can learn more about how we handle your personal data and your rights by reviewing our  Privacy Policy.

Access this article and thousands of others like it free by subscribing to our blog.

Read full article

Already a subscriber? Login

About the author: