UK listing regime reform: update on potential impact on securities litigation

The Financial Conduct Authority (FCA) has published a further consultation paper for the UK’s new listing regime (CP 23/31) which includes in draft (most of) the new UK Listing Rules, following stakeholder feedback to its initial consultation (CP 23/10) last May (see our previous blog post). The FCA’s overarching philosophy is to shift to a … Read more

UK listing and prospectus regime reform: potential impact on securities litigation

The FCA has proposed a revolutionary restructuring of the UK listing framework. Its consultation paper (published in May 2023) sets out a blueprint for the UK’s new listing regime. For an overview of the key proposals in the FCA’s consultation paper, please see our Capital Markets team’s briefing paper: UK Listing Regime Reform. While the … Read more

Court of Appeal confirms reflective loss rule will bar claims of former shareholders of a dissolved company because the principle must be determined at time of alleged loss

The Court of Appeal has upheld a decision of the High Court to strike out a claim by the former shareholders of a dissolved company against an investor on the basis that all the losses claimed were barred by the reflective loss principle: Burnford & Ors v Automobile Association Developments Ltd [2022] EWCA Civ 1943. … Read more

ESG Updates – The Bank of England Climate Biennial Exploratory Scenario

The Bank of England (BoE) has published the results of the Climate Biennial Exploratory Scenario (CBES), which explores the financial risks posed by climate change for the largest banks and insurers operating in the UK. In line with the findings of other central bank stress tests across the globe, the CBES found that while the financial … Read more

Reform of the UK prospectus regime – update on securities litigation risk

HM Treasury (HMT) has published a response setting out its policy approach to reforming the UK’s prospectus regime, in the biggest shake up since 2005. The response follows the initial consultation published in July 2021. HMT’s intention is to proceed with the reforms broadly as proposed in its initial consultation. The next step is for HMT … Read more

High Court decision in first s.90A FSMA claim to reach trial

The High Court has published a summary of its findings on liability in the long-running USD$5 billion civil fraud action brought by the Hewlett Packard group in connection with its acquisition of the UK software company Autonomy Corporation Limited in 2012. The claimants have “substantially succeeded” in their claims against two former Autonomy executives: ACL Netherlands … Read more