The Treasury has published a summary of responses to its consultation on a proposed new power to block listings on national security grounds and says it will proceed with the proposals. The Treasury published the consultation in light of concerns about possible links between a listing and national security, for example if the proceeds of a listing … Read more

The London Stock Exchange has censured and fined Sensyne Health plc £580,000 (discounted to £406,000 for early settlement) for failing to maintain effective controls to enable compliance with the AIM Rules, and for failing to comply with AIM’s related party rules in respect of bonus payments made to its directors. In November 2018, three months … Read more

HM Treasury has launched a UK Secondary Capital Raising Review to look into improving the capital raising process for publicly traded companies in the UK. Lord Hill’s UK Listing Review made a series of recommendations to the Government to increase the attractiveness of the UK as a destination for IPOs and optimise the capital raising process for companies on … Read more

Regulations have been made that remedy an omission from the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 post-Brexit. The financial promotion restrictions in section 21 of the Financial Services and Markets Act 2000 provide that it is a criminal offence for a person to communicate an invitation or inducement to engage in … Read more

The Financial Conduct Authority (FCA) has published the final rule changes to the Listing Rules (PS 21/10) for special purpose acquisition companies (SPACs). A SPAC is a shell company which raises funds through an initial public offering (IPO) of its shares and lists, with the objective of using the funds raised to buy one or … Read more

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 2021, and which are of relevance to UK listed companies. The briefing is available here. Read more

The Treasury has published a wide-ranging review of the UK prospectus regime promising the biggest shake up of the prospectus regime since 2005. The review follows the conclusions of the Hill Review of the UK listing regime published in March 2021. The Financial Conduct Authority (FCA) consultation discussed at item 3 below and its earlier … Read more

The FCA has published the latest edition of its Primary Market Bulletin (PMB No.34). In it, it is consulting on a guidance note adopting the Guidelines on disclosure requirements under the Prospectus Regulation published by the European Securities and Markets Authority (ESMA). It is also consulting on incorporating some of ESMA’s Q&A on the Prospectus Directive into … Read more