Listing and prospectuses

Recent Articles

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  04.05.2023

  FCA pub­lishes con­sulta­tion pa­per on pro­posed re­forms to the UK list­ing re­gime

  On 3 May 2023 the Financial Conduct Authority (“FCA”) published its consultation paper on the proposed UK equity listing rule reforms (and feedback to its discussion paper published in May 2022). The consultation paper follows extensive engagement on the UK listing regime and the recommendations from the UK Listing Review. It represents a substantial and welcome overhaul of the current listing regime, with the aim of making UK equity capital markets more competitive with other markets and attractive to companies considering an IPO. Key ProposalsThe consultation paper sets out a...

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  13.06.2022

  Spain: CN­MV cir­cu­lar con­cern­ing no­ti­fic­a­tion forms for sig­ni­fic­ant share­hold­ings

  This Circular replaces the one issued on 22 December 2015 (“Circular 8/2015”) in order to adapt to changes brought about by Law 5/2021 (dated 12 April 2021) which promotes long-term shareholder involvement in listed companies. The most important new feature of the Circular is the introduction of the regime of loyalty shares. Therefore, changes have been made to Form 1 (formerly known as Form I) to include both the additional double voting rights belonging to loyalty shares and other financial instruments with a similar economic effect. In order to know the full position of the significant...

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  19.03.2020

  FCA and FRC Guid­ance on COV­ID-19 Im­plic­a­tions for Lis­ted Com­pan­ies and Com­pany Audits

  The FCA reports that its core focus at this time is to ensure consumer protection and orderly functioning capital markets and the PMB certainly makes it clear that the FCA is not currently minded to make concessions at this stage in relation to issuers’ reporting and transparency obligations. The PMB covers six areas: ongoing disclosure under the Market Abuse Regulation (MAR), market volatility and suspension of trading, transaction notifications, delays in corporate reporting, shareholder meetings and corporate transactions and admissions. This Law Now considers each of these in turn....

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  11.04.2018

  Se­cur­it­isa­tion Reg­u­la­tion: 60 minutes to un­der­stand the new rules and is­sues

  CMS cordially invite you to attend a webinar: 11 April 2018 | 10:00 UK/ 11:00 CET Securitisation Regulation: 60 minutes to understand the new rules and issues This webinar will last one hour (including a Q&A session) and will provide an update on new EU regulations regarding securitisation. Four expert speakers from the UK, France and Spain will cover the areas you need to be aware of. Agenda: Scope of the new regulations (STS and CRR treatment) New rules applicable to any EU securitisation STS CRR/other directive changes REGISTER NOW

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  18.07.2017

  Re­form of European pro­spect­us law – main changes and ef­fects in prac­tice

  DE

  This reform is part of the drive to create a single European Capital Market Union and to strengthen the effective Internal Market. Full harmonisation is intended to reduce the number of divergent rules in the Member States to a minimum. The Commission is specifically pursuing four main objectives with the reform: Companies should be able to raise money more easily on the capital markets. Bureaucratic burdens and costs for issuers should also be reduced, particularly for small and medium-sized companies (SMEs). Investors should be able to obtain better and more appropriate information from the...

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  19.02.2016

  Turk­ish CMB Con­sent Re­quire­ments for IPOs of For­eign Par­ent Com­pan­ies

  EU Position The EU legislation on the transfer of shares in intermediary companies is contained in Directive 2004/39/EC on markets in financial instruments (“MiFID”). Article 10 (3) of MiFID states that: “Member States shall require any natural or legal person or such persons acting in concert (hereinafter referred to as the proposed acquirer), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in an investment firm or to further increase, directly or indirectly, such a qualifying holding in an investment firm as a result of which the...

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