Corporate weekly highlights—9 May 2019

This week’s edition of Corporate highlights includes details of a NEX Exchange consultation setting out proposed changes to the NEX Exchange Growth Market Rules for Issuers and details of a BEIS consultation on Corporate Transparency and Registration Reform which seeks to address the misuse of UK registered entities by criminals and corrupt elites and include enhanced disclosure requirements for directors, shareholders and persons filing information with Companies House.

In this issue:

Equity capital markets

NEX Exchange consults on changes to its Growth Market rules

NEX Exchange has published a consultation paper setting out proposed changes to the NEX Exchange Growth Market Rules for Issuers (Rules). The consultation period ends on 31 May 2019. The main reason for the consultation is to reflect the changes being brought in by the Prospectus Regulation (EU) 2017/1129 in July 2019, introducing the new EU growth prospectus for certain issues by small and medium-sized enterprises (SMEs). The EU growth prospectus will have a standardised format and allow reduced disclosure requirements.

For further information, see: LNB News 02/05/2019 35.

Corporate governance

BEIS consults on proposals to improve transparency in companies and to provide greater protection against fraud

The Department for Business, Energy and Industrial Strategy (BEIS) has published a consultation paper—Corporate Transparency and Registration Reform. The reforms seek to address the misuse of UK registered entities by criminals and corrupt elites and include enhanced disclosure requirements for directors, shareholders and persons filing information with Companies House. The consultation, which closes on 5 August 2019, is organised into four key areas: (a) knowing who is setting up, managing and controlling corporate entities, (b) improving the accuracy and usability of data on the Companies Register, (c) protecting personal information and (d) ensuring compliance, sharing intelligence and certain other measures.

For further information, see: LNB News 07/05/2019 2.

Additional news—daily and weekly news alerts

This document contains the highlights from the past week’s news. To receive all our news stories, whether on a daily or a weekly 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.

New and updated content

New Brexit toolkit

Lexis®PSL has released a complete redesign of the Brexit toolkit, which includes a refreshed homepage, revised Practice Area sections and a link to our new SI summaries page.

Our Brexit toolkit provides easy access to a wide range of Brexit content, making it quicker and easier for you to find the information you need.

The Brexit toolkit can be accessed here or from your Practice Area home page.

Dates for your diary

DateDevelopment
31 May 2019Deadline for feedback on NEX Exchange’s consultation regarding its Growth Market Rules for Issuers.
The main reason for the consultation is to reflect the changes being brought in by the Prospectus Regulation in July 2019, introducing the new EU growth prospectus for certain issues by SMEs. The EU growth prospectus will have a standardised format and allow reduced disclosure requirements.
For further information, see: LNB News 02/05/2019 35.
7 June 2019Closing date for the BEIS call for views on the quality and effectiveness of statutory audit in the UK. This follows BEIS publishing—in February 2019—the terms of reference for the independent review by Sir Donald Brydon into the quality and effectiveness of the UK audit market.
The review is seeking views, information and evidence from anyone with a direct or indirect interest in UK audits on the extent of the assurance that audit currently provides to users of financial statements and how it might develop to better meet those users' needs and to serve the interests of other stakeholders, as well as the public interest.
For further information, see: LNB News 10/04/2019 85.

Trackers

To track key legislative and regulatory developments, see our Trackers:

  1. Brexit legislation tracker

  2. Brexit timeline

  3. Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) timeline

  4. Market Abuse Regulation timeline

  5. Prospectus Regulation tracker

  6. Transparency Directive tracker

  7. Listing Rules tracker

  8. Disclosure Guidance and Transparency Rules Sourcebook tracker

  9. Prospectus Rules tracker

Latest Q&As

New Q&As added this week:

  1. When transferring the business and assets of an unincorporated association with several hundred members to a new limited company, can the newly formed company be incorporated with just a few subscribers with bulk of the membership transferring later or do all the members need to be transferred from incorporation?

  2. What steps are required in order to transfer a deceased’s share in a limited liability partnership to their heirs?

Useful information

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 round-up—3 May 2019.

Relevant Articles
Area of Interest