Corporate weekly highlights—22 November 2018

Corporate weekly highlights—22 November 2018

This week’s edition of Corporate highlights includes news of the sanctions imposed by NEX Exchange on a corporate advisor for inaccuracies in the issuer’s admission documents, the publishing of updates of EMEA Proxy Voting Guidelines by ISS, the update by Glass Lewis of its corporate governance policy guidelines and the Financial Reporting Council issuing a call for evidence as part of its review of 2016 Ethical and Auditing Standards. It also includes Market Tracker’s latest mini trend report on diversity in the mining sector.

In this issue:

Brexit

European Venture Capital Funds (EuVECA) post-Brexit—draft regulations published

Corporate analysis: The government has published a draft of the Venture Capital Funds (Amendment) (EU Exit) Regulations 2018 (VCF Amendment Regulations) to amend the European Venture Capital Funds Regulation, Regulation (EU) 345/2013 (EuVECA Regulation) and modify the Alternative Investment Fund Managers Regulations 2013, SI 2013/1773 (the AIFM Regulations) in relation to European Venture Capital Funds (EuVECA), to address failures of retained EU law to operate effectively, and other deficiencies arising from the withdrawal of the UK from the EU. The amendments are being made to ensure that the both pieces of legislation continues to operate effectively in a no deal scenario after exit day and so that their provisions only apply to qualifying venture capital funds established in the UK.

The government notes in its Explanatory memorandum to the Venture Capital Funds (Amendment) (EU Exit) Regulations 2018 that the impact will primarily be on fund managers and funds that currently operate under the EuVECA Regulation, noting that impacted firms will need to understand the changing regulatory

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