Listing regime – latest FCA Primary Market Bulletin

The Financial Conduct Authority (FCA) has published the 33rd edition of its Primary Market Bulletin (PMB No.33). It contains an update on various issues, including the FCA’s review of delayed disclosure notifications. Feedback on review of delayed disclosure notifications In November 2020, the FCA published a review of notifications of delayed disclosure of inside information … Read more

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

Listing regime – changes to process for notification of investor dealings

The Financial Conduct Authority (FCA) has confirmed that the way in which investors submit TR-1 notifications of major shareholdings will change from 22 March 2021. The FCA announced that it would make changes to the submission process in November 2020 (see our corporate update 2020/22). From 22 March 2021, all TR-1 notifications in relation to … 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

Climate change – Final FCA rules on climate change-related financial disclosures

The Financial Conduct Authority (FCA) has today published a Policy Statement (PS20/17) and final rules and guidance in relation to climate-related financial disclosures for UK premium listed companies. Companies will be required to include a statement in their annual financial report which sets out whether their disclosures are consistent with the Task Force on Climate-related Financial Disclosures … 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

Guidance on European Single Electronic Format for annual reports

The FCA has published guidance on the requirement for listed companies to publish accounts in the European Single Electronic Format (ESEF) and the Department for Business, Energy and Industrial Strategy (BEIS) has updated its policy paper on ESEF. Under DTR 4.1.14, issuers will have to publish their annual reports in the ESEF (see our earlier … Read more

Listing Regime – changes to process for notification of investor dealings

The Financial Conduct Authority (FCA) will change the way in which investors submit the form for notification of major shareholdings from Q1 2021. Its updated webpage on submitting investor notifications sets out information on this. Under DTR5.1.2, certain shareholders and holders of financial instruments are required to notify an issuer of dealings in that issuer’s securities. Investors … Read more