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Primary Market Bulletin

The FCA has published Primary Market Bulletin No. 11. The Bulletin confirms the publication of six new technical notes, the amendment of 11 existing technical notes and the deletion of one technical note. It also consults on further proposed changes and additions to the UKLA Knowledge Base. A copy of the Bulletin can be viewed … Continue Reading

Transparency Directive Consultation

HM Treasury and the FCA have published a joint consultation paper setting out proposed amendments to the Financial Services and Markets Act and to the Disclosure and Transparency Rules in order to implement the directive amending the Transparency Directive. The UK has already implemented part of the amending directive and this current consultation concerns the … Continue Reading

Social Media and Financial Promotions

The FCA has published a Guidance Note on financial promotions in social media. The FCA is not against companies using social media in financial promotions and reminds companies that any form of communication is capable of being a financial promotion if it includes an invitation or inducement to engage in financial activity. All communications, including … Continue Reading

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