The following Share Incentives practice note Produced in partnership with Jeremy Glover of Fenwick Elliott provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: Impact of Brexit on share awards/schemes.
This Practice Note details the obligations placed on quoted companies in respect of the establishment, implementation and operation of a deferred share bonus plan. For a more detailed introduction into deferred share bonus plans, see Practice Note: An introduction to deferred share bonus plans.
Deferred share bonus plans are likely to be, by their nature, employees’ share schemes pursuant to the definition in the Companies Act 2006 (CA 2006) as they are generally established to encourage or facilitate the holding of shares in the company by or for the benefit of employees.
The definition of employees' share scheme in the Listing Rules (LR) is that contained in CA 2006, which includes any scheme:
for encouraging or facilitating the holding of shares in or debentures of a company by or for the benefit of:
the bona fide employees or former employees of the company,
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