FCA enforcement action – non-executive Chair fined for disclosing inside information

The Financial Conduct Authority (FCA) has fined Sir Christopher Gent (SCG), the former non-executive Chair of ConvaTec Group Plc, £80,000 for unlawfully disclosing inside information in breach of Article 14(c) of the (then) EU Market Abuse Regulation. The fine follows a warning notice issued to SCG in September 2021 by the FCA proposing to take action against him – … Read more

FCA enforcement action – company censured and executive directors fined for breaches of Listing Rules and MAR

The Financial Conduct Authority (FCA) has censured Carillion and provisionally fined three of the company’s former executive directors for breaches of the Listing Rules and UK Market Abuse Regulation (MAR). Carillion was a construction, project finance and support services business which went into liquidation in January 2018.  In July 2017, Carillion had announced a provision … Read more

Secondary Capital Raising Review recommendations

The recommendations of the UK Secondary Capital Raising Review, which looked at the regime for secondary capital raisings by listed companies in the UK and how it can be improved, have been published. The Review was launched in response to a recommendation of the Lord Hill UK Listing Review. Our updated summary of the status for … Read more

Financial Services and Markets Bill 2022-23 published

A Financial Services and Markets Bill has been published as part of the government’s Future Regulatory Framework Review (FRF Review). The FRF Review was established to determine how the UK’s financial services regulatory framework should be amended post-Brexit. The Bill covers a wide range of topics including revoking EU retained laws relating to financial services and markets. For listed … Read more

‘On the horizon’ podcast

We have released our ‘on the horizon’ podcast, which is a short summary of the more material developments we expect to see in the next 6-12 months that will be of interest to listed companies. The podcast is available here: ‘on the horizon’ podcast. Read more

Consolidated corporate update January to June 2022

We have published our half-yearly update briefing which summarises the major developments in UK corporate law and regulation that have occurred over the last six months, that is from January to June 2022, and which are of relevance to UK listed companies. Please click here to see the full briefing. Read more

FCA adapts ESMA Guidelines as FCA Guidance

The FCA has published Primary Market Bulletin No. 40 launching its new technical note, Primary Market/TN 619.1, which adapts the Guidelines on disclosure requirements under the Prospectus Regulation published by the European Securities and Markets Authority (ESMA Guidelines) for use in the UK post-Brexit. The new technical note, effective from May 2022, includes the guidance on specialist issuers … Read more

FCA consultation on restructuring the UK listing regime

The Financial Conduct Authority (FCA) has published a discussion paper (DP22/2) in which it is seeking further views on the structure of the UK listing regime. In March 2021 the Government published the outcome of the Review of the UK listing regime undertaken by Lord Hill. It made a number of recommendations to seek to … Read more

Ending of Covid relaxation measures

The Financial Conduct Authority (FCA) has announced, in its Primary Market Bulletin No. 39, that it is ending the temporary relaxations it introduced for companies due to the Covid-19 pandemic.  The London Stock Exchange has also issued an Inside AIM removing its temporary relaxations for financial reporting deadlines implemented in light of Covid-19 from 28 … Read more