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This week’s edition of Corporate highlights includes our Market Tracker Trend Report—Trends in UK Equity Capital Markets (June 2019), an FCA policy statement relating to the implementation of the revised Shareholder Rights Directive and a further FCA policy statement relating to the implementation of the Prospectus Regulation.
Equity Capital Markets
Additional news—daily and weekly news alerts
Dates for your diary
Corporate analysis: Market Tracker’s annual report on trends in UK Equity Capital Markets reviews IPOs and secondary fundraisings from 2016 through to 2018 on both the Main Market and AIM. The report also looks at legal and regulatory developments in 2018 and the first quarter of 2019, and analyses current hot topics including the effect of recent reforms to the Main Market IPO process and the impact of Brexit on risk factors in prospectuses.
A copy of the report can be found here.
Highlights of the report include:
a three-year comparison of IPO and secondary offering activity on the Main Market and AIM, with a focus on transaction volume, gross proceeds and market capitalisation
analysis of the headline IPOs during 2018
industry sector review, summarising emerging sector trends in new listings
geographical trends in new listings and a comparison of country of incorporation and country of operation
summary and analysis of recent changes to the Main Market IPO process and its impact
in-depth look at cancelled and postponed IPOs in 2018
overview of the impact of Brexit on ECM activity, and
a detailed look at recent and upcoming legal and regulatory developments
This report includes expert commentary and market insight from leading practitioners, including:
Mark Austin, Partner, Freshfields Bruckhaus Deringer LLP
Rosalie Chadwick, Head of Corporate Finance, Pinsent Masons LLP
Jamie Corner, European Counsel, Davis Polk & Wardwell London LLP
Dan Hirschovits, Partner, Davis Polk & Wardwell London LLP
Clive Hopewell, Partner, Head of International Capital Markets, Bird & Bird LLP
Alexander Keepin, Partner, Corporate Finance and Head of Mining, Bryan Cave Leighton Paisner LLP
James Spinney, Head of Capital Markets, Strand Hanson
Julian Stanier, Corporate Finance Partner, Pinsent Masons LLP
Marcus Stuttard, Head of AIM & UK Primary Markets, London Stock Exchange Group
Tim Ward, CEO, Quoted Companies Alliance
Martin Webster, Corporate Finance Partner, Pinsent Masons LLP
Alasdair Weir, Senior Associate, Pinsent Masons LLP
Simon Witty, Partner, Davis Polk & Wardwell London LLP
The FCA has published a policy statement (PS19/12) setting out the near-final rules on the changes the FCA plans to make to the Handbook to align it with the Prospectus Regulation. It also summarises the feedback received to the consultation paper (CP19/6) and the FCA's response. The consultation closed on 28 March 2019.
For further information, see: LNB News 31/05/2019 38.
The FCA has published decision notices concerning Cathay International Holdings Limited and two of its directors, Mr Jin-Yi Lee and Mr Eric Siu. The FCA considers that Cathay breached the FCA’s Listing Principles and Disclosure Rules and Transparency Rules and has imposed a fine of £411,000. In the FCA’s view, Mr Lee was knowingly concerned in the company’s breaches and so has been fined £214,300. The FCA also considers that Mr Siu was knowingly concerned in one of the company’s breaches and so has been fined £40,200.
For further information, see: LNB News 03/06/2019 21.
On 30 May 2019, the London Stock Exchange (LSE) announced in AIM Disciplinary Notice 21 that it had publicly censured Real Good Food plc and fined it £450,000 (discounted to £300,000 for early settlement) for breaches of rules 10, 13, 17, 19 and 31 of the AIM Rules for Companies.
For further information, see: LNB News 30/05/2019 30.
ICSA: The Governance Institute (ICSA) has published a consultation aimed at assessing the quality of independent board evaluation in the UK listed sector, as well as ways in which it might be improved. The review is being carried out at the request of the Department for Business, Energy and Industrial Strategy (BEIS). The deadline for responses to the consultation is 5 July 2019.
For further information, see LNB News 31/05/2019 33.
The Financial Conduct Authority (FCA) has published a policy statement (PS19/13) following its consultation paper (CP19/7) on proposals to (i) implement requirements of the revised Shareholder Rights Directive (SRD II) and (ii) improve shareholder engagement. The policy statement summarises the feedback the FCA received to the consultation—which closed on 27 March 2019—and the FCA’s response to it. It also sets out the final rules.
For further information, see: LNB News 31/05/2019 49.
This document contains the highlights from the past week’s news. To receive all our news stories, whether on a daily or a basis, amend your personal settings within your ‘News’ tab on the homepage by clicking on either ‘Email’ or ‘RSS’ (depending on how you prefer to receive them) on the right hand side of the blue banner.
To track key legislative and regulatory developments, see our Trackers:
Brexit legislation tracker
Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) timeline
Market Abuse Regulation timeline
Prospectus Regulation tracker
Transparency Directive tracker
Listing Rules tracker
Disclosure Guidance and Transparency Rules Sourcebook tracker
Prospectus Rules tracker
To view analysis of the latest deals in the market and the underlying transaction documents, use our Market Tracker deal analysis tool.
To read about the latest corporate announcements, see our Market Tracker weekly round-up—31 May 2019.
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