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

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

Recent FCA publications

The Financial Conduct Authority (FCA) has published Primary Market Bulletin 31 (PMB 31), and through it publicised two recent reviews it has undertaken into delayed disclosure of inside information and corporate governance disclosures by listed issuers. Delayed disclosure of inside information The FCA has reviewed the delayed disclosure of inside information notifications (DDIINs) it has received. Under Article 17(4) of … Read more

Delay to implementation of European Single Electronic Format for annual reports

The FCA has published policy statement (PS20/14) which confirms that it intends to delay the introduction of the European Single Electronic Format (ESEF) requirements for annual reports in the UK. The delay is contingent on the Brexit transition period ending on 31 December 2020, as it is only once the transition period ends that the FCA is … Read more

Government proposals on mandatory climate-related reporting

The government has published a roadmap towards mandatory climate-related disclosures and a report from the UK’s joint Government-Regulator TCFD taskforce. These reports form part of the government’s green finance strategy. The roadmap sets out an indicative path towards mandatory climate-related disclosures across the UK economy which are aligned with the recommendations of the TCFD. The proposals cover seven … Read more

FCA censures listed company for breach of Listing Rules and Transparency Rules

The FCA has issued a final notice and censured Aviva plc for breach of the Listing Rules and Transparency Rules in connection with the market announcement it made in relation to certain of its preference shares. The FCA found that Aviva contravened Listing Rule 1.3.3 and Transparency Rule 1A.3.2 which require an issuer to take … Read more