GLOSSARY

Closed ended definition

Published by a LexisNexis Corporate expert

What does Closed ended mean?

An AIF other than an open ended AIF.This definition is of importance, primarily because different liquidity management and valuation rules apply to AIFMs depending on the types of AIFs they manage. AIFMs managing closed ended AIFs are (amongst other things) subject to more permissive minimum capital requirements and less frequent valuation requirements.

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Corporate governance—glossary of terms

Corporate governance—glossary of terms A ABI See Association of British Insurers. Association of British Insurers A trade association of the UK insurance industry, with a focus on corporate governance issues and the development of institutional voting guidelines for its members (following the merger of ABI Investment Affairs with the Investment Association (IA) in June 2014, IA has assumed responsibility for previously issued ABI guidance). Audit, Reporting and governance Authority (ARGA) See Financial Reporting Council (FRC) B Brydon review An independent review commissioned by the UK government in December 2018 and led by Sir Donald Brydon, into standards in the UK audit market. The Brydon review published its final report in December 2019. Business model In the context of the UKCG Code, an explanation by the directors (in the annual report) of the basis on which the company generates or preserves value over the longer term and the strategy for delivering the objectives of the company. Business Review A narrative report previously required under CA 2006, s 417 for all companies (other than those benefitting from the small companies’ reporting exemptions) for financial years beginning on or after 1 October 2007 and ending before 30 September 2013, when it was replaced by the Strategic Report. C Cadbury Committee A committee chaired by Sir Adrian Cadbury which was set up in May 1991 to deliver a

Securities finance—United Kingdom—Q&A guide [Archived, 2021 edition]

Securities finance—United Kingdom—Q&A guide [Archived, 2021 edition] This Practice Note contains a jurisdiction-specific Q&A guide to securities finance in United Kingdom published as part of the Lexology Getting the Deal Through series by Law Business Research (published: April 2021). Authors: Cleary Gottlieb Steen & Hamilton LLP—Ferdisha Snagg; Bree Morgan-Davies; Chrishan Raja; Jim Ho 1. What are the relevant statutes and regulations governing securities offerings? The UK Financial Services and Markets Act 2000 (FSMA) is the principal legislation governing offers of securities in the United Kingdom (UK). In addition, following the expiry of the Brexit implementation period on 31 December 2020 (IP Completion Day), a number of European Union (EU) regulations relating to securities offerings have been retained as domestic law in the UK, pursuant to the European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020 (EUWA). These include the Prospectus Regulation and Market Abuse Regulation, which have been 'onshored' as the UK Prospectus Regulation (UK PR) and UK Market Abuse Regulation (UK MAR), respectively. Part 6, Financial Services and Markets Act 2000 The general regime is supplemented by three key sets of rules and guidance made by the Financial Conduct Authority (FCA) under the FSMA and set out in its handbook of rules and guidance (the FCA Handbook): • the Listing Rules, which contain rules related to the admission of securities to the Official List that

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What Listing Rules requirements must be met by a company seeking to admit its shares to the Official List?

What Listing Rules requirements must be met by a company seeking to admit its shares to the Official List? Written in partnership with Richard Ufland (Partner, Hogan Lovells International LLP) and Charles Jemmett (Associate, Hogan Lovells International LLP). This Q&A considers what Listing rules requirements must be met by a company seeking to admit its shares to the Official List. A company seeking to admit its shares to the Official List must comply with certain requirements in the Listing Rules (LRs). Additionally, as shares can only be admitted to the Official List if they are also admitted to trading on a regulated market operated by a Recognised Investment Exchange (RIE), a company will also need to comply with the relevant requirements under the Prospectus Rules of the Financial Conduct Authority (FCA) and the Admission and Disclosure Standards of the London Stock Exchange (LSE) and Part VI of the Financial Services and Markets Act 2000 (FSMA 2000). This answer provides an overview of the relevant requirements under the LRs only. The LR requirements for the admission of shares to the Official List vary depending on whether the shares are to have a standard or premium listing (only equity shares of commercial companies, closed-ended investment funds and open-ended investment companies are eligible for a premium listing). A premium listing requires the issuer to meet ‘super-equivalent’ standards (that is, standards imposed by

Where an alternative fund manager falls within regulation 10(2) of the Alternative Investment Fund Managers Regulations 2013 as an internally managed closed ended company, are there any restrictions on what the fund can invest in?

Where an alternative fund manager falls within regulation 10(2) of the Alternative Investment Fund Managers Regulations 2013 as an internally managed closed ended company, are there any restrictions on what the fund can invest in? Fund investment by a small registered UK Alternative Investment Fund Manager The Issue In answering this Q&A, we have considered the position of a fund manager of an internally managed closed ended company under the Alternative Investment Fund Managers Regulations 2013 (AIFM Regulations 2013), SI 2013/1773. The issue is whether there are any restrictions on what the fund can invest in. The Regulations The AIFM Regulations 2013 came into force on 22 July 2013 and implement the majority of provisions of the Alternative Investment Fund Managers Directive (AIFMD) (Directive 2011/61/EU). The aims of the AIFMD are to enhance supervisory practices among European Economic Area (EEA) authorities'>competent authorities, to improve investor protection and to foster efficiency and cross-border competition in the EEA: see Financial Conduct Authority (‘FCA’)—AIFMD (June 2016) and Practice Note: AIFMD—essentials. An alternative invest fund (AIF) is a collective investment undertaking that is not subject to the undertakings for collective investment in transferable securities (UCITs) regime and includes hedge funds, private equity funds, retail investment funds and real estate funds: see AIFM Regulations 2013, SI 2013/1773, reg 3. Small registered UK AIFMs Fund managers must apply to become one of the following in order to manage an

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Financial Services weekly highlights—7 July 2022

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 7 July 2022. This week’s edition of Financial Services highlights provides an aggregation of the news reported by the Lexis®PSL Financial Services team over the past week and includes (1) news items relating to the conflict in Ukraine, (2) news items relating to Brexit, (3) updates from UK regulators, (4) updates from EU and international regulators, (5) updates from industry bodies and market participants, (6) new and updated content and (7) dates for your diary from Financial Services.

New FCA listing rules may start regulatory shift on diversity

Law360, London: The UK Financial Conduct Authority (FCA) has built up a reputation as a robust regulator in recent times. Last year alone, it dished out £567.7m in fines to various parties, which is little surprise as regulators have become more rigorous following the global financial crisis, coupled with the increasing prominence of corporate governance and compliance.

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