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  •  
    14.11.2023
    Turquie

    Turkish Capital Market Board Launches Venture Capital Market

    The “Communiqué on the Principles Regarding the Companies Whose Shares will be Traded in the Venture Capital Market No. II-16.3” (the “Communiqué”), which was prepared by considering the opinions received from the market within the framework of the secondary regulation studies carried out by the Capital Markets Board (the “Board”), was published in the Official Gazette dated 18 May 2023 and entered into force. With the regulations introduced by the Communiqué, the shares of non-publicly traded companies issued through capital increases can...
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  •  
    09.11.2023
    United Kingdom

    FRC U-turns on proposed changes to the UK Corporate Governance Code

    In another surprise move in the normally placid world of corporate governance, the FRC provided an important policy update in response to the King’s Speech on 7 November 2023 – which failed to include any primary legislation to modernise the regulation of audit, corporate reporting and governance - announcing that it was dropping over half of its proposed changes to the UK Corporate Governance Code (Code). The FRC also announced that it will extend its objectives to supporting UK economic growth and competitiveness, in addition to enhancing trust and confidence in governance.U-turn...
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  •  
    08.11.2023
    United Kingdom

    Another step towards transparency: the Economic Crime and Corporate Transparency Act 2023 becomes law

    The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which gained Royal Assent on 26 October 2023, is part of a package of reforms aimed at tackling economic crime and preventing the abuse of corporate structures in the UK by improving the transparency of corporations and those behind them. It is far-reaching in scope and Companies House have called its enactment “one of the most significant moments in [its] history”.Amongst other things, the ECCTA reforms Companies House and turns the Registrar of Companies into a more effective regulator with clear objectives and greater...
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  •  
    06.11.2023
    United Kingdom

    FCA provides warning on market sounding regime

    On 31 October 2023, the Financial Conduct Authority (FCA) published Market Watch No. 75, sharing some observations about the market soundings procedure under the UK Market Abuse Regulation (UK MAR), and a reminder to market sounding recipients (MSRs) to independently assess whether they have inside information, even if the disclosing market participant (DMP) has not disclosed any inside information.   The market soundings regime is a well-established procedure, allowing issuers to disclose inside information to selected investors to determine interest in a transaction before it is announced....
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  •  
    13.06.2023
    Middle East

    UAE Corporate Tax Law: When does a non-resident juridical person have a UAE Nexus?

    BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” is 0% with respect to qualifying income and 9% on non-qualifying revenue.Under Article 11 of the CTL, a taxable person includes a non-resident person which has a UAE nexus.Cabinet Decision...
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  •  
    05.06.2023
    Middle East

    UAE Corporate Tax Law: What Constitutes Qualifying Income for Free Zone Persons?

    BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” (“QFZP”) is 0% with respect to qualifying income (“Qualifying Income”) and 9% on non-qualifying revenue (“Non-Qualifying Revenue”).After much anticipation,...
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