On 20 March 2023, the FCA updated its webpage on notification and disclosure of net short positions. The webpage has been updated to provide the following updates:… Continue Reading
On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the Prospectus Regulation. The Q&As have been updated to include the following Q&A: Question: Article 1(4)(d) of the prospectus regulation states: “The obligation to publish a prospectus set out in Article 3(1) shall not apply to any … Continue Reading
On 7 December 2022, the European Commission published the following proposals which follow up on its commitment to simplify EU listing rules, as detailed in Action 2 of the 2020 Capital Markets Union Action Plan: Proposal for a Directive on multiple-vote share structures in companies that seek the admission to trading of their shares on … Continue Reading
On 2 December 2022, HM Treasury published updated statutory guidance to assist in the implementation of, and compliance with the Russia (Sanctions) (EU Exit) Regulations 2019. The guidance has been updated to clarify the application of the prohibition on provision of technical assistance, financial services or funds related to G7 dependency and further goods.… Continue Reading
On 2 December 2022, the FCA updated their webpage on the notification and disclosure of net short positions. The webpage now includes a new section providing an update on the FCA’s review of the UK list of exempted shares. The FCA published an initial UK list of exempted shares on 31 December 2020. This list … Continue Reading
On 13 October 2022, the European Securities and Markets Authority published updated questions and answers (Q&As) on the Prospectus Regulation. The Q&As now include Question 15.9: Prospectus exemption in connection with a takeover by means of an exchange offer.… Continue Reading
On 17 August 2022, the Financial Conduct Authority (FCA) updated their webpage on Discussion Paper 22/2: Primary Markets Effectiveness Review: Feedback to the discussion of the purpose of the listing regime and further discussion. The webpage has updated the section on ‘Next steps’ noting that the period for commenting on the Discussion Paper has closed … Continue Reading
On 7 July 2022, the European Securities and Markets Authority (ESMA) issued a public statement on prospectus supervision in the context of EU sanctions connected to Russia’s invasion of Ukraine. The statement alerts stakeholders to the European Commission’s FAQs, which cover the scope and implementation of EU sanctions and concerns whether there is sufficient legal … Continue Reading
On 27 May 2022, the FCA published Primary Market Bulletin 40. In Primary Market Bulletin 40 the FCA follows up on its earlier consultation set out in Primary Market Bulletin 34. In Primary Market Bulletin 34 the FCA set out proposed changes to, 1 procedural note, 10 technical notes and four new technical notes. One … Continue Reading
On 26 May 2022, the FCA published Discussion Paper 22/2 ‘Primary Markets Effectiveness Review: Feedback to the discussion of the purpose of the listing regime and further discussion’ (DP22/2). DP22/2 will be of interest to, among others, listed companies and exchanges or venue operators. DP22/2 follows the publication of Policy Statement 21/22, which introduced new … Continue Reading
On 28 April 2022, the International Organization of Securities Commissions (IOSCO) published a report setting out some issues and considerations for regulators when reviewing the regulation of market data. The report provides feedback on IOSCO’s earlier consultation report ‘Market Data in the Secondary Equity Market’ and offers the following considerations that regulators may find helpful … Continue Reading
On 4 April 2022, the European Securities and Markets Authority (ESMA) published its final report on the review of certain aspects of the Short Selling Regulation (SSR). The final report: Contains empirical analysis of the impacts of the short selling bans imposed during the COVID-19 pandemic and proposes legislative amendments to provisions that govern emergency … Continue Reading
On 23 March 2022, the FCA published Primary Market Bulletin 39. In this edition, the FCA have announced the removal of the temporary measures that were imposed in 2020 which allowed delayed annual and interim financial reporting. The FCA will also be rescinding the temporary measures in regards to working capital statements and general meetings. … Continue Reading
On 26 January 2022, the European Securities and Markets Authority (ESMA) published a statement clarifying how to report net short positions (NSPs) between 28 to 31 January 2022 when the reporting threshold changes from 0.2% to 0.1%. The European Commission adopted the decision to permanently lower the threshold from 0.2% to 0.1% on 27 September … Continue Reading
On 13 January 2022, the FCA issued a new web page stating that it is putting in place temporary measures for the reporting of the short selling indicator in transaction reports while it considers changes to the UK transaction reporting regime. Transaction reports submitted to the FCA under UK MiFIR must contain a designation to … Continue Reading
On 9 December 2021, the FCA published Primary Market Bulletin 37. In this edition the FCA: Covers the implementation of postponed rules that require issuers to publish their annual financial reports in a structured format. Explains the importance of adequate business continuity procedures for Primary Information Providers (PIPs) and suggest issuers may want to consider … Continue Reading
On 2 December 2021, the Financial Conduct Authority (FCA) published Policy Statement 21/22 ‘Primary Market Effectiveness Review: Feedback and final changes to the Listing Rules’ (PS21/22). In PS21/22 the FCA provides feedback to the comments received on Consultation Paper 21/21 ‘Primary Markets Effectiveness Review’ (CP21/21) and sets out final rules. In CP21/21 the FCA sought … Continue Reading
On 15 November 2021, the FCA issued a special edition of its Primary Market Bulletin. The Bulletin focusses on the introduction of specific Task Force on Climate-related Financial Disclosures (TCFD) aligned climate-related disclosure requirements for listed companies and sets out the FCA’s disclosure expectations and supervisory strategy. This includes an important consultation on the addition … Continue Reading
On 28 July 2021, the FCA published Consultation Paper 21/24: Diversity and inclusion on company boards and executive committees (CP21/24). The key proposals in CP21/24 include: The FCA wants to change the Listing Rules to require, as an ongoing listing obligation, issuers that are in scope (see below) to disclose publicly in their annual financial … Continue Reading
On 27 July 2021, the European Securities and Markets Authority updated its Q&As on the Prospectus Regulation. Page 9 of the Q&As contains a summary table which shows which Q&As have been recently updated.… Continue Reading
On 5 July 2021, the FCA published Consultation Paper 21/21: Primary Markets Effectiveness Review (CP21/21). In CP21/21 the FCA discusses the functioning of the listing regime so that it can better understand the purpose and value to both issuers and investors of listing. This will provide input to how the FCA can improve the listing … Continue Reading
On 2 July 2021, the FCA published Primary Market Bulletin 35. In this Bulletin the FCA covers its proposed approach to assessing eligibility and listing applications for companies with cannabis-related activities. The FCA states that it will appreciate feedback.… Continue Reading
On 20 May 2021, the European Securities and Markets Authority (ESMA) made a recommendation to the European Commission to permanently lower the threshold to notify net short positions on shares to Member State national competent authorities from 0.2% to 0.1%. The Commission may adopt a delegated act modifying the notification threshold in Article 5(2) of … Continue Reading
On 5 May 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. ESMA has added three new Q&As that provide clarification on: The application of Article 4(1) of the CRA Regulation to credit rating disclosure in prospectuses. How to determine the home Member State in the context of global … Continue Reading
