Capital Markets

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Pre-Emption Group Statement of Principles

The Pre-Emption Group has published a revised statement of principles for the disapplication of pre-emption rights. The statement of principles is intended to provide guidance to companies and shareholders on the factors to take into account when considering whether to disapply pre-emption rights and is supported by PLSA and the Investment Association. The statement was … Continue Reading

Prospectus Directive Consultation

The European Commission has published a consultation paper on the review of the Prospectus Directive. The Commission was required to assess the application of the Directive by 1 January 2016 but given the importance of making progress towards a Capital Markets Union, it has decided to bring forward the review. The review will seek to … Continue Reading

Green Paper: Capital Markets Union

The European Commission has published a Green Paper “Building a Capital Markets Union” to consult on its overall approach to creating a single market for capital for all member states by 2019. The Commission’s priority is to get Europe growing again and unlock investment in Europe’s companies and infrastructure. The intention is to build a true … Continue Reading

Tax Changes to B Share Schemes

The value to shareholders of cash paid out by companies depends on the tax treatment of the payment. This will vary between shareholders and is heavily influenced by the way the cash is distributed so that the method of distribution can have a major impact on the perceived value to investors. Unfortunately, the complexity of … Continue Reading