Listing and prospectuses

Recent Articles

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    07/03/2024

    The new UK Private Intermittent Securities and Exchange System or “PISCES” – 10 things you need to know

    On 6 March 2024, the UK Government published a consultation relating to a new type of share trading platform, referred to as a “Private Intermittent Securities and Exchange System” or “PISCES”.  This was first discussed in 2022 as part of the so-called Edinburgh Reforms and is a significant development in the UK capital markets.  This article outlines 10 key points in the consultation.1.      What is PISCES?A PISCES is a platform for secondary trading in freely transferable shares issued by UK or non-UK companies that are not admitted to...
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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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