FCA proposals to give asset managers greater flexibility on payment

The FCA has published a consultation, CP24/7, on rules to allow UK asset managers to combine payments for third party investment research with payments for execution services. The proposals follow the Edinburgh Reforms of December 2022, which set out the government’s plans to drive growth and competitiveness in the financial services sector, and the recommendations of Rachel Kent’s Investment … Read more

FCA guidance on financial promotions on social media

The FCA has published finalised guidance (FG24/1) to clarify its expectations of firms and others, such as influencers, communicating financial promotions on social media. Under section 21 of the Financial Services and Markets Act 2000, a person must not, in the course of business, communicate any financial promotion (that is, an invitation or inducement to engage in … Read more

Further changes to UK high net worth individual and sophisticated investor exemptions

The government has made new regulations (the 2024 Order) to update the exemptions in the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, and the equivalent exemptions in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) Order 2001, relating to high net worth individuals and sophisticated investors. The financial promotion exemptions enable unauthorised … Read more

Indicative update on impact of reform on FTSE indices

FTSE Russell, which maintains the FTSE indices, has published a notice indicating how the FCA’s proposed reform of the UK listing regime will impact FTSE UK indices. It anticipates that, if the reforms are implemented in the manner set out in CP23/31, companies in the new Equity Shares (Commercial Companies) and Closed Ended Investment Fund categories will be … Read more

Second tranche of draft UK Listing Rules published

The Financial Conduct Authority (FCA) has published a full draft of the new UK Listing Rules as part of its overhaul of the UK listing regime. The draft instrument includes the second tranche of rules that were referenced, but not set out, in its consultation paper CP 23/31. CP 23/31 contained the FCA’s proposals for a radical reset … Read more

Our podcasts on shaping and challenging policy

Our public law team has released two podcasts on shaping and challenging policy. In a year in which we expect a general election, companies will be thinking about what policies the UK political parties will be proposing in their manifestos and the potential impact on their business. Part 1 looks at the formal and informal ways … Read more

Public Offers and Admissions to Trading Regulations 2024 made

The Public Offers and Admissions to Trading Regulations 2024 (SI 2024/105) have been made by Parliament. The Regulations will replace the UK Prospectus Regulation (which derives from the EU Prospectus Regulation) and create the framework for a new public offers and admissions to trading regime in the UK. The Regulations represent the next step in the process … Read more

Final SEC Rules on SPACs, Shell Companies and Projections

On January 24, 2024, the SEC adopted its long-awaited final rules relating to special purpose acquisition companies (SPACs), shell companies and projections. The adopting release can be found here, and the proposing release, dated March 30, 2022, may be found here. The final rules as expected reflect the SEC’s central premise that a de SPAC … Read more