June’s news

New jurisdictional thresholds for merger review

On 3 June 2024, the Digital Markets, Competition and Consumers Act 2024 was published, after the Bill received Royal Assent on 24 May 2024. The Act amends the jurisdictional thresholds for merger review in section 23 of the Enterprise Act 2002 and introduces transaction reporting requirements applicable to undertakings designated by the Competition and Markets Authority (CMA) as having strategic market status in respect of a digital activity.

IOSCO report on market outages

On 5 June 2024, the International Organization of Securities Commissions (IOSCO) published its final report on market outages. The final report is based on the information relating to recent market outages collected within a members survey that IOSCO undertook in 2022. It examines key findings from recent market outages on listing trading venues in IOSCO jurisdictions and builds on past IOSCO work on operational resilience and business continuity planning to identify good practices for listing trading venues that may enhance market-wide resilience in the event of a market outage.

Institute of Directors consults on a code of conduct

On 6 June 2024, the Institute of Directors launched a consultation on a proposed code of conduct for directors. The code is intended as a practical tool to help directors fulfil their responsibilities and make better business decisions. It will be voluntary, with directors signing up to it to show their willingness to apply high ethical standards. Responses to the consultation are requested by 16 August 2024.

Looking ahead to July 2024

12 July – closing date for CMA consultation on draft statutory guidance setting out how it will exercise its digital market powers under the Digital Markets, Competition and Consumers Act 2024.

31 July – closing date for comments on proposals to narrow the scope of companies to which the Takeover Code applies set out in PCP 2024/1.