A new publication from the UK’s financial regulator signals to firms that they should take steps to manage risks in the use of AI. By Stuart Davis, Fiona M. Maclean, Gabriel Lakeman, and Imaan Nazir The UK’s Financial Conduct Authority (FCA) has published its latest board minutes highlighting its increasing focus on artificial intelligence (AI), … Continue Reading
The FCA reveals its initial thinking on the regulatory framework for primary multilateral trading facilities and public offer platforms. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 13 July 2023, the FCA published its fifth and sixth engagement papers to solicit discussion and feedback on the regulation of public offer platforms and … Continue Reading
The Court held that banks do not owe this duty to customers deceived into instructing their banks to transfer money to fraudsters. By Nell Perks and Callum Rodgers On 12 July 2023, the UK Supreme Court handed down its highly anticipated judgment in Philipp v. Barclays Bank UK PLC [2023] UKSC 25, allowing the appeal … Continue Reading
FCA takes an innovative approach to obtain feedback from industry and stakeholder groups. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon In May 2023, the FCA launched a process of engagement and dialogue on how the UK’s future prospectus regime could operate. The FCA’s first thematic engagement papers, published on 18 May, aim … Continue Reading
Proposals dramatically reduce the regulatory burden on listed companies. By James Inness, Anna Ngo, and Johannes Poon On 3 May 2023, the FCA published a consultation paper CP23/10 which sets out a blueprint for changes to the UK listing regime. The key reform proposed is that the existing premium and standard listing segments would be … Continue Reading
The Reform will extend tenors and reduce borrowers’ fees to encourage commercial bank lending into energy transition projects. By Tom Bartlett, JP Sweny, Alexander Buckeridge-Hocking, and Samuel Burleton The Organisation for Economic Co-operation and Development (OECD) has agreed a landmark deal to modernise the Arrangement on Officially Supported Export Credits (the OECD Arrangement), which is … Continue Reading
With the recent UK “Green Day” announcements confirming the government’s support for CCUS, interest in UK CCUS projects is expected to continue to grow. While there are significant opportunities for investors, careful consideration will be needed to navigate a number of industry specific issues to achieve a successful CCUS project. By Beatrice Lo, JP Sweny, Simon … Continue Reading
FCA chief executive’s speech indicates an exciting transition to a lighter regime and a true single listing segment. By James Inness, Anna Ngo, and Johannes Poon On 29 March 2023, FCA Chief Executive Nikhil Rathi delivered a speech at the Global Investment Management Summit on the topic “Reforming our capital markets ecosystem”. He announced that … Continue Reading
A consultation that will remain open until 11 April 2023 offers further clarity on the proposals to regulate buy-now-pay-later products. By Rob Moulton, Becky Critchley, Ella McGinn, and Dianne Bell On 14 February 2023, HM Treasury published its consultation and accompanying draft legislation on the regulation of buy-now-pay-later (BNPL) lending. The consultation follows the proposals … Continue Reading
A new Latham & Watkins guide examines the recent increase in whistleblowing and poses self-assessment questions against which firms can benchmark themselves. By David Berman, Andrea Monks, Nell Perks, Nathan H. Seltzer, Becky Critchley, and Charlie Bowden Many sectors, including financial services, have encountered a discernible increase in whistleblows in recent times — a trend … Continue Reading
The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. By Rob Moulton, Becky Critchley, Denisa Odendaal, and Dianne Bell The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer (see here), set out the UK government’s reforms … Continue Reading
The FCA stated that the perpetrator’s character is key to non-financial misconduct investigations, which suggests a mismatch with recent case law. By David Berman, Nicola Higgs, Jon Holland, Andrea Monks, Rob Moulton, and Nell Perks In last year’s Frensham[1]case, the Upper Tribunal considered how relevant a (non-dishonesty-based) criminal offence committed in one’s personal life is … Continue Reading
The Financial Services Skills Commission has issued an insight paper outlining how companies can collect and evaluate data on employees’ socioeconomic backgrounds. By David Berman, Nicola Higgs, Rob Moulton, and Dianne Bell Socioeconomic backgrounds of employees and socioeconomic diversity at senior levels across the UK financial services industry is beginning to feature more prominently in … Continue Reading
A reminder of the ongoing reforms to implement recommendations from the Lord Hill and Kalifa Reviews. By James Inness, Anna Ngo, and Johannes Poon The outcome of the UK Secondary Capital Raising Review, launched on 12 October 2021 to improve further capital raising processes for UK publicly traded companies, was published by HM Treasury on … Continue Reading
The landmark UK Secondary Capital Raising Review Report takes a holistic approach in making bold and comprehensive recommendations to improve the UK secondary capital raising processes and ecosystem. By James Inness, Anna Ngo, Ryan Benedict, and Johannes Poon On 19 July 2022, HM Treasury published the UK Secondary Capital Raising Review Report (the Report) that … Continue Reading
The regulator continues its Primary Markets Effectiveness Review to promote the competitiveness of a UK listing. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 26 May 2022, the FCA published a discussion paper (DP22/2) to seek further views on how to make the UK listing regime more effective, easier to understand, and … Continue Reading
The new rules provide issuers with flexibility to report on representation of women by reference to either gender identity or sex. By Chris Horton, James Inness, Anna Ngo, Nicola Higgs, David Berman, Rob Moulton, and Johannes Poon On 20 April 2022, the FCA published its final policy decision on the proposals set out in CP … Continue Reading
The changes indicate a more dynamic and flexible UK prospectus regime with the FCA to play a central role through enhanced rule-making powers By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 1 March 2022, the UK government (through HM Treasury (HMT)) announced the outcome of its consultation to reform the UK prospectus … Continue Reading
Broad reform to listing regimes, growing ESG scrutiny, and increasing retail participation in fundraisings are among the areas to watch. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon Last year was memorable for UK equity capital markets (ECM). The IPO market was at its busiest since 2014, and we encountered innovative deal structures such as the emergence … Continue Reading
The expansion would include Shenzhen Stock Exchange and potentially European stock exchanges, and would permit overseas issuers to raise capital in China through CDR listings. By Chris Horton, James Inness, Anna Ngo, Terris Tang, Cathy Yeung, and Johannes Poon On 17 December 2021, the China Securities Regulatory Commission (CSRC) launched a consultation that proposes a … Continue Reading
A relic of the dot-com era may prove useful in attracting investors seeking specific exposures that are ESG-aligned. By Roberto L. Reyes Gaskin and Anna Ngo Shareholders, regulators, and other stakeholders continue to drive the integration of environmental, social, and governance (ESG) considerations into corporate strategy and practice. Recent surveys of institutional investors revealed that … Continue Reading
The new rules aim to make London a more attractive listing venue for founder-led and other innovative IPO candidates. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 2 December 2021, the UK Financial Conduct Authority (FCA) published a Policy Statement (PS21/22) confirming the following key changes to its listing rules that took … Continue Reading
The judgment clarifies the Court’s approach to proposed transfers under Part VII of FSMA, as well as the scope and application of s. 110(1)(b). On 24 November 2021, the High Court of England and Wales (the Court) sanctioned a £10.1 billion annuity book transfer from The Prudential Assurance Company Limited (PAC) to Rothesay Life Plc … Continue Reading
By Francesco Lione, Charles Armstrong, Tom Evans, Dominic Newcomb, David Walker, and Catherine Campbell Undrawn credit lines are essential to private equity but in short supply from banks. Undrawn revolving credit facilities (RCFs) are essential to private equity. They are a backup in the event of mismatches in the working capital cycle, provide comfort for a … Continue Reading
