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FCA consultation paper tracker—2019 [Archived]

FCA consultation paper tracker—2019 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2019, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/Handbook Notice BrexitAuthorisation, approval and supervisionComplaints, compensation and claims managementRegulation of capital marketsPayment services and systems Regulation of personal pension and stakeholder products CP19/33: Quarterly Consultation No 26 The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), in which it consults on proposed miscellaneous amendments to the FCA Handbook:—clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals—changes to the Listing Rules’ requirements, which cross-refer to the Prospectus Regulation, for information to...

Listing requirements and continuing obligations—premium listing and standard listing—prior to 29 July 2024

Listing requirements and continuing obligations—premium listing and standard listing—prior to 29 July 2024 A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories.  The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This checklist reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This checklist compares the listing requirements and key continuing obligations that previously applied to a commercial company with a listing of equity securities on the premium and standard listing segments prior to 29 July 2024. Requirements for listing—prior to 29 July 2024...

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Legal and regulatory developments in Equity Capital Markets 2019

Legal and regulatory developments in Equity Capital Markets 2019 Background and approach This review looks at legal and regulatory developments in the sphere of equity capital markets (ECM) in 2019 and forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise: • IPOs in 2019—Main Market and AIM • Secondary Offers in 2019—Main Market and AIM • Standard listings in 2019 • Risk factor disclosure in 2019 IPOs Brexit The UK entered an implementation period on 31 January 2020 during which existing EU laws continue to apply to the UK. The listing, prospectus and transparency regimes that apply in the UK (and are largely derived from EU law) continue to apply in the implementation period in the same way as before Brexit. However, UK representatives will no longer be permitted to participate in EU institutions and other bodies. The Financial Conduct Authority (FCA) is therefore no longer...

Legislation guide for transactional lawyers—UK Prospectus Regulation

Legislation guide for transactional lawyers—UK Prospectus Regulation This legislation guide lists UK legislative materials relevant to transactional work on debt capital markets prospectuses, including the UK Prospectus Regulation, level 2 measures and statutory instruments (SIs), together with relevant proposals, consultations and FCA Guidance. No. Document Points to note Further guidance Assimilated EU legislation 1 Assimilated Regulation (EU) 2017/1129 (UK Prospectus Regulation) The version of the UK Prospectus Regulation accessed by the link in the preceding column in this row incorporates the amendments made by the Prospectus (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/1234 and the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020, SI 2020/628. For an explanation of the onshoring of the EU Prospectus Regulation and level 2 measures under the European Union (Withdrawal) Act 2018 (EU(W)A 2018), and the amendments made by SIs, see Practice Note: Brexit—UK listing and prospectus regime [Archived].For detailed information on requirements of the UK Prospectus Regulation, including the areas in which it diverges from the EU Prospectus Regulation, see Practice...

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Do MiFIR pre- and post-trade transparency requirements apply to transactions in Euro Commercial Paper (ECP)?

Do MiFIR pre- and post-trade transparency requirements apply to transactions in Euro Commercial Paper (ECP)? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] The Markets in Financial Instruments Regulation (EU) (600/2014) (MiFIR) introduced pre- and post-trade transparency requirements for non-equity instruments traded on a regulated market, multi-lateral trading facility (MTF) or organised trading facility (OTF) (together, trading venues). Non-equity instruments include bonds, which are tradeable debt instruments. European Commercial Paper (ECP) would be considered bonds for this purpose, and trades in ECP would be subject to the pre-and post-trade...

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Listing Regime: FCA publishes Primary Market Bulletin 53 with associated consultation and finalised guidance

The Financial Conduct Authority (FCA) has published Primary Market Bulletin (PMB) 53, together with guidance consultation GC24/6 and finalised guidance FG24/7. This follows the implementation of the new UK Listing Rules which came into force on 29 July 2024. The FCA is therefore proposing to update several of its technical and procedural notes to reflect the most recent changes to the listing regime. It is also consulting on historical changes that are yet to be reflected such as removing references to the Prospectus Directive, reflecting Brexit-related changes and other historical changes to its processes. Some changes are also proposed to technical and procedural notes relating to the sponsor regime. Responses to the proposals on technical and procedural notes are sought by 23 January 2025.

Corporate weekly highlights—21 November 2024

This week's edition of Corporate weekly highlights includes publication of Glass Lewis’ 2025 proxy voting policy guidelines, FCA Primary Market Bulletin 52 on issuers’ ability to identify and make public information that is inside information under MAR, HMT’s PISCES consultation response together with draft legislation to establish PISCES and HMT’s consultation on the value and use cases of a UK Green Taxonomy. Also included, are news of the adoption of the EU ESG Ratings Regulation and the announcement that EU due-diligence reporting duties are to be simplified through an ‘omnibus’ regulation.