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 2022, and which are of relevance to UK listed companies. The briefing is available here. Read more

The FCA has fined Metro Bank PLC £10 million for breaches of Listing Rule 1.3.3R (misleading information not to be published). This follows the warning notice issued to Metro Bank in January 2022 (but only published in March 2022). The FCA has also provisionally fined Metro Bank’s former CEO and former CFO £223,100 and £134,600, respectively, for being knowingly … Read more

The Financial Conduct Authority (FCA) has published market guidance for issuers, on a range of topics, in Primary Market Bulletin 42 and for firms, on insider lists, in Market Watch 71. Primary Market Bulletin No. 42 Topics covered in Primary Market Bulletin 42 include: Unlawful disclosure of inside information – The FCA describes the situations and types of behaviour that crop up repeatedly in enquiries … Read more

The Pre-Emption Group (PEG) has published a revised Statement of Principles for the disapplication of pre-emption rights, along with new template resolutions. PEG is the group that represents listed companies, investors and intermediaries, and issues best practice guidance and documents for companies’ annual resolutions to disapply pre-emption rights. The revised Principles implement one of the recommendations of … Read more

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

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

The Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) have published two reports on the quality of climate-related reporting by listed companies. For financial years beginning on or after 1 January 2021, premium listed commercial companies are required to include a statement in their annual financial report setting out whether they have made disclosures … Read more

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