Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 6 January 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: analysis on the proposed reform of the substantial shareholding exemption (SSE) by the draft Finance Bill 2017 and analysis examining the recent government proposals to reform corporate governance and executive pay. Headlines (News updates & analysis) Relevant updates from other practice areas TaxDraft Finance Bill 2017—substantial shareholding exemption In this analysis, Iain Kerr, director of M&A tax at KPMG UK, outlines the proposed reform of the substantial shareholding exemption (SSE) by the draft Finance Bill 2017. The most significant change to the SSE relates to the proposed repeal of the requirements affecting the investing company (namely, that the company no longer needs to be a sole trading company or a member of a trading group). The reform will also remove the requirement that the company being invested in needs to be a trading company or the holding company of a trading sub-group immediately after the time of the disposal where the disposal is to an unconnected party. The changes to the SSE will apply to disposals made on or after 1 April 2017. The author explains that, while some businesses may be disappointed by the scope of the reform and the lack of a comprehensive participation exemption, the changes will ultimately make the system simpler and easier to understand, as well as more internationally competitive. For details, see News Analysis: Draft Finance Bill 2017—substantial shareholding exemption. Share Incentives What next for corporate governance and executive pay? In this analysis, Stephen Diosi, partner at Mishcon de Reya, and Jonathan Fenn, partner at Slaughter and May, examine whether government proposals to reform corporate governance and executive pay are workable in practice. The authors comment on the practical consequences of the proposals and implications for businesses. For details, see News Analysis: What next for corporate governance and executive pay? Dates for your diary Date Subjects covered 6 January 2017 The deadline for responses to consultation (CP16/38) on proposed amendments to DTR 2.5 in the FCA Handbook. 10 January 2017 The legal application date of the implementation of the Market Abuse Regulation for persons receiving market soundings. 13 January 2017 Information to investors required by the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), Art 13, should be included in the next annual or half-yearly report to be published after 13 January 2017. 16 January 2017 The deadline for responses to the Financial Conduct Authority's (FCA) fourth and final consultation paper (CP16/43) on the implementation of the Markets in Financial Instruments Directive II (MiFID II) (Directive 2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) on its proposal on fees.