The UK Listing Review

The government has published the outcome of the Review of the UK listing regime undertaken by Lord Hill. The Review, which was launched in November 2020, was set up to look at possible reforms to the UK listing regime that would attract the most innovative and successful firms and help companies access the finance they need … Read more

Consolidated corporate update July to December 2020

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 July to December 2020, and which are of relevance to UK listed companies. The briefing is available here. Read more

Special edition of the Primary Market Bulletin on Brexit

The Financial Conduct Authority (FCA) has published a special Primary Market Bulletin No.32 on Brexit to remind issuers and investors of the changes to the listing regime that will take effect at the end of the transition period on 31 December 2020. Issuers will need to ensure that their internal policies and procedures are updated to reflect … Read more

Pre-Emption Group Guidelines – temporary relaxations to end

The Pre-emption Group has confirmed that the additional flexibility under the Pre-emption Group Guidelines, which was introduced on a temporary basis in light of the Covid-19 pandemic, will end on 30 November 2020. In April 2020, the Pre-emption Group announced that it was recommending that investors consider supporting placings by companies of up to 20% of their … Read more

Capital Markets – UK Listings Review call for evidence

The government is undertaking a review of the UK listing regime in light of Brexit. The objective of the Review is to propose reforms to the UK listings regime that will attract the most innovative and successful firms and help companies access the finance they need to grow. The Listings Review, which will be chaired by Lord … Read more

Updated ESMA Q&A and FCA approach to prospectus disclosure guidelines

ESMA has updated its Q&A on the Prospectus Regulation to include additional questions in relation to Brexit. Issues addressed in the updates to the Q&A include: the status of a prospectus, where it has been approved by the FCA and passported into the EU prior to the end of the transition period, once the transition period ends; … Read more

Prospectus Regulation – final amendments to Delegated Regulations published

The European Commission has published final versions of two regulations that amend and correct two Delegated Regulations under the Prospectus Regulation. The two amending regulations, drafts of which were published in June 2020 (see our June post on them here), are: Regulation EU/2020/1273 which amends Regulation EU/2019/980 (Format, content, scrutiny and approval of prospectuses). This … Read more

Extension of temporary relaxations under Pre-emption Group Guidelines

The Pre-Emption Group (PEG) has announced that it is extending the temporary additional flexibility under the pre-emption guidelines in light of Covid-19. In April 2020, it announced that it was recommending that investors, on a case-by-case basis, consider supporting placings by companies of up to 20% of their issued share capital over a 12-month period … Read more