Securities and derivatives

Recent Articles

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    05.05.2023

    FCA con­firms changes to UK equity mar­kets trans­par­ency re­gime and fi­nal­ises im­ple­ment­a­tion timetable

    In PS23/4: Improving Equity Secondary Markets, the Financial Conduct Authority (FCA) has confirmed a range of targeted changes to the UK’s post-trade transparency regime, pre-trade transparency waivers and tick size regime for equity instruments that it consulted on in July 2022. The introduction of the new designated reporter (DR) regime will also affect trading in non-equity instruments. The FCA also provides an update on potential further reforms to operational resilience standards for trading venues and the retail service provider model.Firms will be pleased to see that the FCA has listened...
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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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    14.04.2023

    The im­plic­a­tions of the new Span­ish Law on Se­cur­it­ies Mar­kets and In­vest­ment Ser­vices on the Fintech and Crypto-as­set eco­sys­tem

    On 17 March 2023 Spanish Law 6/2023 of 17 March on Securities Markets and Investment Services ("LMVSI") was published in the BOE (Spanish Official Gazette). In this regard, the LMVSI has been approved with all the amendments proposed by the Plenary Session of the Senate, except for the amendments proposed to Article 5.The LMVSI represents a major step forward for the financial sector in Spain as it has integrated a variety of European regulations, included new forms of distribution of financial instruments, and introduced the necessary adaptations for the application of the Regulation of the European...
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    14.04.2023

    Re­view of the Seni­or Man­agers and Cer­ti­fic­a­tion Re­gime (SM&CR)

    On 30 March 2023, the Prudential Regulation Authority (“PRA”) and Financial Conduct Authority (“FCA”) (the PRA and FCA together being the “Regulators”) published a joint Discussion Paper (DP1/23) seeking input on potential ways to improve the Senior Managers & Certification Regime (“SM&CR” or the “Regime”). HMT has also separately launched a Call for Evidence to review legislative aspects of the regime. In December 2022, the government announced, as part of the Edinburgh Reforms, that HMT and the Regulators...
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    31.03.2023

    Spain: New Law on Se­cur­it­ies Mar­kets and In­vest­ment Ser­vices

    On 18 March 2023, Law 6/2023 of 17 March on Securities Markets and Investment Services (the "LMVSI", as per its Spanish acronym) was published in the Official State Gazette (or "BOE"), replacing legislation currently in force (Royal Legislative Decree 4/2015 of 23 October, approving the revised text of the Securities Market Law).The LMVSI, except for certain specific provisions, will enter into force 20 days following its publication in the BOE, i.e., on 7 April 2023. In the meantime, the LMVSI will be implemented by three royal decrees, expected to be approved and published in the coming days.1....
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    29.03.2023

    ESMA Pub­lic State­ment on de­riv­at­ives on frac­tions of shares

    On 28 March 2023, the European Securities and Markets Authority (ESMA) published a Public Statement on derivatives on fractions of shares. Fractional share trading has risen in popularity in the UK and European markets in recent years, enabling retail investors to get direct exposure to tech companies and other issuers whose shares may be relatively expensive and which have traditionally been more frequently accessed indirectly through mutual funds. This exposure can be achieved through a trust-based or “co-ownership” model, under which multiple clients each have a beneficial claim...
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