Criminal proceedings instituted against individuals for false and misleading statements

The Financial Conduct Authority (FCA) has announced that it has begun criminal proceedings against the former chief executive, the former chief financial officer and the former finance director of Redcentric Plc. The company issued unaudited interim results in November 2015 and audited final year results in June 2016 which it is alleged materially misstated its net debt … Read more

FCA enforcement action against CEO for disseminating misleading information

The FCA has publicly censured the former Chief Executive Officer of Worldspreads Group plc, a company which was traded on AIM, for market abuse. Worldspreads, a financial spread betting company, was admitted to trading on AIM in August 2007. The FCA found that the admission documents contained misleading information in relation to Worldspreads’ financial position … Read more

Consolidated corporate update January to June 2020

This half-yearly update briefing summarises the major developments in UK corporate law and regulation which have occurred over the last six months and which will be of relevance to UK listed companies. Please click here to see the briefing.   Read more

FCA enforcement action

The Financial Conduct Authority (FCA) has censured Redcentric PLC for market abuse. Redcentric has agreed to pay compensation to affected investors. The FCA found that Redcentric, which is admitted to trading on AIM, issued unaudited interim results in November 2015 and audited final year results in June 2016 which materially misstated its net debt position … Read more

FCA guidance for industry regulators on handling inside information

The Financial Conduct Authority (FCA) has published a Primary Market Bulletin (PMB No. 29), in which it sets out the results of its consultation (in PMB No. 25) on best practice for government departments, industry regulators and public bodies on identifying, controlling and disclosing inside information. It has also published its finalised best practice note. … Read more

COVID-19 – latest developments for corporate practitioners

Further guidance for companies has been published in light of the COVID-19 pandemic. Company meetings and other corporate actions Shareholder meetings – The Government has published the Corporate Insolvency and Governance Bill (together with Explanatory Notes) which contains relaxations to the company meeting requirements contained in the Companies Act 2006 (as well as the meeting … Read more

ESMA consultation on the EU SME growth market regime

The European Securities and Markets Authority (ESMA) has published a press release and consultation on the Small and Medium-sized enterprises (SME) growth market regime in the EU. In the UK, AIM is designated as an SME growth market. Possible amendments to the regime SME growth markets were established under the Markets in Financial Instruments Directive … Read more

Changes to MAR and PR for issuers on SME growth markets

The Market Abuse Regulation (MAR) and Prospectus Regulation (PR) have been amended for issuers on SME growth markets. In the UK, AIM is an SME growth market and so the changes are relevant to all issuers on AIM. The amendments (made by Regulation (EU) 2019/2115) are intended to reduce the administrative burden for issuers on … Read more

FCA fines PDMR £45,000 for failure to comply with Article 19 of MAR

In December 2019, the Financial Conduct Authority (FCA) fined a former PDMR of Braemar Shipping Services plc (a premium listed company) for failing to announce transactions in the company’s shares in accordance with Article 19 of the Market Abuse Regulation (MAR). This is the first enforcement action in connection with the PDMR dealing provisions in … Read more