Market reCap - January 2013
15 January 2013
Happy New Year and welcome to the latest
edition of Market reCap. Hopefully, given the direction of
most of the UK share indices in the last six months, we will have a
long-awaited improvement in the condition of the equity markets
this year.
2012 saw an enormous array of regulatory changes, with two major
consultations from the FSA, as well as various issues of Primary
Markets Bulletin and other quarterly consultations. In addition, we
have seen the Takeover Panel's three consultation papers and its
analysis of the "Cadbury changes", the implementation of
significant changes to the Prospectus Rules as well as the
publication of more guidance from the AIM team. We hope Market
reCap has provided you with some helpful guidance on all of
these changes.
2012 also saw an alarming number of Village People impersonations
in the Field Fisher Waterhouse ECM team during the month of
Movember! Fortunately, we've all returned back to normal now. Thank
you to all who donated to the team's charity.
Regards
Enhancing the effectiveness of the
listing regime: response to Consultation Paper 12/2
FSA Consultation paper CP 12/2 identified where the Listing Rules
needed to be updated and proposed certain new protections to
safeguard the UK's regulated markets. We explain the most notable
changes arising from this paper.
Read more >
Major changes proposed for controlled
companies with a premium listing
In response to the continuing high profile governance issues at
companies such as Bumi and ENRC, and the resultant investor
disquiet, the FSA has published a consultation paper proposing
certain significant changes to the premium listing regime. Most of
the changes are focussed on companies with a controlling
shareholder, and we highlight the key considerations.
Read more >
Primary Market Bulletin No.4: update
on UKLA Knowledge Database
The UK Listing Authority has announced that it is proceeding with
its online UKLA Knowledge Base providing guidance on the Listing
Rules, Prospectus Rules and Disclosure and Transparency Rules. This
article discusses the structure of the Knowledge Base, and the
comments arising from the UKLA's consultation on its initial
content.
Read more >
Inside AIM – fifth edition focussing
on nomad's consideration of directors
The fifth edition of Inside AIM was published in October
2012 focussing on issues relating to a nomad's consideration of the
suitability of directors. We summarise the main points arising from
the publication.
Read
more >
Takeover Code changes operating
satisfactorily concludes Takeover Panel report
The Takeover Panel has published the results of a review conducted
into the Takeover Code changes that were introduced in September
2011. We examine the principal observations and conclusions arising
from the review, including in relation to the measures introduced
on virtual bids and disclosure of the offeror's future intentions
for the offeree.
Read more >
New European plan for online
gambling
In October 2012, the European Commission published its long-awaited
Communication “Towards a comprehensive European framework for
online gambling”, together with a Staff Working Document. We review
the Commission's five priority areas in relation to online
gambling.
Read more >
The Kay Report: government proposals
to tackle short-termism in the UK equity markets
The government issued its formal response to Professor Kay's report
on 22 November 2012, and this article looks at the steps promised
to deliver on the specific recommendations of the report in order
to tackle short-termism and ensure that the UK equity markets
fulfil their core purpose.
Read more >
Dates for the diary
- 17 January 2013: Quoted Companies Alliance
event "The challenge of good corporate governance - a master
class for smaller quoted companies"
- 18 January 2013: last date for responses to
the Business, Innovation and Skills Select Committee call for
evidence on the Kay Review recommendations and the government's
response to that review
- 24 January 2013:
FFW's Annual HR Planner - 2012 saw numerous employment
law developments, many of which are due to come into force in 2013,
resulting in a challenging year for employers
- 28 January 2013:
FFW's Privacy & Information Law Summit - this event will
share recent experiences on cutting-edge and business critical data
protection compliance and information management issues
- 31 January 2013: deadline for responding to
the Financial Reporting Council discussion
paper "Thinking about disclosures in a broader context"
- 4-7 February 2013: Investing in African Mining
Indaba - an annual professional conference dedicated to the
capitalisation and development of mining interests in
Africa
- 6 February 2013:
FFW's Media Crammer® - this intensive half day
session will cover media law issues from the past 12 months
- 16 February 2013: end of 3 month period in
which the government intends to publish its response to the
consultation on reforms to share buy back procedures recommended by
the Nuttall Review
- 20 March 2013: delivery of the UK Budget
- 21 March 2013:
FFW's Compulsory Pensions Seminar - this
workshop looks at practical solutions to the many challenges which
the new pensions legislation has created