UK – CapitalXchange

UK Financial Conduct Authority Changes Listing Rules to Boost Growth and Innovation

Cooley — Tue, 21 Dec 2021 17:00:00 +0000

On 2 December 2021, the UK Financial Conduct Authority (FCA) confirmed a series of rule changes designed to remove immediate barriers to listing, make its rulebooks more accessible, and protect and enhance market integrity. These changes came into force on 3 December 2021, except for minor changes to modernise and streamline the rulebooks, which will come into force on 10 January 2022.

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The Debate Over Dual-Class Shares in the UK

Cooley — Tue, 15 Jun 2021 20:16:00 +0000

“The principle of “˜one share, one vote’ is long cherished by the UK investment community. Under current Financial Conduct Authority rules, companies cannot be included on the premium segment of the London Stock Exchange – the gold standard for corporate governance – if they have dual-class shares. Such companies also miss out on inclusion in key indexes such as the FTSE 100.

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London Listings for People’s Republic of China (PRC) Companies

Cooley — Tue, 30 Jun 2020 18:41:50 +0000

The United Kingdom (UK) offers a range of markets that companies in the People’s Republic of China (PRC) might consider as venues for a primary or secondary listing of their equity securities. This blog post provides a high-level overview of the types of equity securities which might be listed, factors that companies tend to consider when choosing a listing venue, and the segments of the…

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25 Considerations in Preparing for an IPO in the UK

Cooley — Wed, 24 Jun 2020 21:27:10 +0000

Understand the benefits of the alternative listing options, such as the premium or standard segments of the Main Market or the AIM market of the London Stock Exchange, which are the main options for a company considering an IPO in the UK. Analyse the listing and eligibility standards of your preferred market to ensure that you qualify to list there. Choose experienced advisers…

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UK FCA Updates on COVID-19 Issues for Listed Companies

Cooley — Tue, 09 Jun 2020 15:51:33 +0000

On May 27, 2020, the Financial Conduct Authority in the UK published a newsletter outlining its continuing expectations of issuers in the UK on market conduct and transaction reporting issues. The FCA also published a Primary Market Bulletin setting out updates for issuers on temporary relief for the timing of the publication of half-yearly financial reports, going concern assessments and…

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Why We Believe the UK Should Look Again at Dual-Class Structures and Ways in Which Core Investor Protections Can Be Maintained

Cooley — Thu, 21 May 2020 17:06:41 +0000

A dual-class structure involves two different classes of shares with differential voting rights. This means that founders and other pre-IPO holders are able to maintain voting control of the publicly listed company through holding shares with enhanced voting rights compared to the shares held by public shareholders. For example, the shares held by founders may have 10 votes per share…

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UK Pre-Emption Group Provides Temporary Additional Flexibility for Pre-Emption Disapplication Authorities

Cooley — Thu, 02 Apr 2020 14:30:00 +0000

The UK Pre-Emption Group (PEG) issued a statement, published on April 1, 2020, regarding its expectations for non-pre-emptive issues by companies listed in the UK in the context of the coronavirus pandemic. The PEG recommends that investors, on a case-by-case basis, consider supporting non-pre-emptive issues by companies of up to 20% of their issued share capital until September 30…

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COVID-19 Updates for UK + European Capital Markets: FCA, FRC + PRA Joint Statement, AIM Guidance and ESMA Public Statement

Cooley — Mon, 30 Mar 2020 14:03:00 +0000

In light of the COVID-19 pandemic, several key updates for UK and European capital markets have recently been released, focusing primarily on financial reporting, including a joint statement by the Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA), an Inside AIM publication by the London Stock Exchange (LSE) and a public statement from…

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Practical Observations on Preparing Prospectuses Under the New Prospectus Regulation

Cooley — Wed, 11 Dec 2019 13:54:00 +0000

On 21 July 2019 the new Prospectus Regulation (Regulation (EU) 2017/1129) (the “œNew Prospectus Regulation “) regime repealed and replaced the previous Prospectus Directive ( “œPD2 “) regime in all EU Member States. In this briefing we explore the impact of the New Prospective Regulation on issuers producing a prospectus in relation to equity shares for review by the Financial Conduct…

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