Equity Capital Markets

Recent Articles

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  16/09/2024

  United Kingdom

  Implications of the new Listing Rules on the sponsor regime

  IntroductionOn 29 July 2024, the new Listing Rules came into force (new UKLR), as part of the biggest overhaul of the regulatory framework for listed companies in over three decades. This briefing focuses on the changes made to the sponsor regime.Retention and scope of the sponsor regimeThe FCA’s Primary Market Effectiveness Review, which began in 2021, included a fundamental review of the sponsor regime, with the FCA questioning whether the regime should be kept at all.In recognition of the reliance the FCA places on sponsors in assisting it in exercising its functions, the sponsor regime...

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  04/09/2024

  United Kingdom

  How the New FCA Listing Rules Have Changed for Closed-Ended Investment Funds

  IntroductionOn 29 July 2024, the new Listing Rules came into force (new UKLR), which aim to simplify and streamline the regulatory framework, reduce the administrative burden on issuers, and enhance investor protection and market integrity.The new UKLR introduced a single listing category for operating companies, known as the equity shares (commercial companies) category (ESCC), abolishing the previous two tier structure of premium and standard listings for operating companies.Closed-ended investment funds have retained their separate listing category, although the relevant rules are now in Chapter...

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  05/08/2024

  United Kingdom

  Changes to the UK Listing Rules: Focus on the Controlling Shareholder Regime

  The Financial Conduct Authority’s (FCA) new listing rules came into force on 29 July 2024 and aim to simplify and streamline the regulatory framework, reduce the administrative burden on issuers, and enhance investor protection and market integrity.With those aims in mind, the FCA has decided to largely retain the controlling shareholder regime that was applicable to premium listed companies in the new Equity Shares in Commercial Companies (ESCC) category of listed companies. However, there are some notable changes to the regime, some reducing the administrative burden on issuers and others...

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  19/07/2024

  United Kingdom

  Practical consequences of the changes to the FCA listing rules on significant transactions

  1. Introduction  On 11 July 2024, the Financial Conduct Authority (FCA) published a new set of listing rules that will come into force on 29 July 2024. The new rules aim to simplify and streamline the regulatory framework, reduce the administrative burden on issuers, and enhance investor protection and market integrity.One of the most significant changes in the new rules is the revision of the regime for significant transactions by listed companies. These are transactions that have a material impact on an issuer's business, assets, liabilities, financial position, or prospects. Such transactions...

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  15/07/2024

  United Kingdom

  FCA overhauls the UK listing regime as part of the most ambitious listing rule reform in recent years

  On 11 July 2024, the Financial Conduct Authority (FCA) published its final policy position and rules for a revised UK listing regime to modernise the existing Listing Rules.These changes follow extensive market engagement and feedback over the last couple of years, including consultations in May 2023 and December 2023. In its final policy position, the FCA has gone further than expected (and in the face of significant dissent from certain quarters of the market), such as by the inclusion of rules allowing sovereign and other institutional investors to hold enhanced voting rights under dual class...

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  20/02/2024

  United Kingdom

  Economic Crime and Corporate Transparency Act 2023: changes expected to come into force on 4 March 2024

  From Spring 2024 we expect the role of Companies House and the Registrar of Companies (Registrar) to change significantly from simply incorporating companies and being a largely passive information recipient and depository to being a pro-active regulator with clear objectives and the powers to fulfil them.Changes affecting the ongoing administration of companies and limited liability partnerships are also expected to come into force at the same time. Although no implementing regulation has been published yet, Companies House has announced that the date it is working to is 4 March 2024.The changes...

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