Capital Markets Update – July 2021

7th July 2021

June’s news

Consultation launched into new powers to prevent listings

On 7 June 2021, HM Treasury launched an initial consultation requesting views on the scope of Government’s proposed new power to block an issuer’s listing if that listing presents a risk to national security.

FCA consults on climate-related financial disclosures

On 22 June 2021, the Financial Conduct Authority (FCA) published new proposals on climate-related disclosure rules for standard listed companies and certain regulated firms.

One step closer to changes to the financial promotion regime

On 22 June 2021, HM Treasury published its response to the consultation launched in July 2020 which proposed amending the Financial Services and Markets Act 2000 to increase FCA oversight and supervision of financial promotions made by unauthorised firms.

Primary Market Bulletin 34 published

On 24 June 2021, the FCA published a special edition of Primary Market Bulletin 34, its newsletter for primary market participants, which explains the changes it intends to make to its Knowledge Base in relation to the prospectus regime.

New edition of Takeover Code published

On 29 June 2021, the Takeover Panel published the 13^th Edition of the Takeover Code in advance of the changes to the Takeover Code which took effect on 5 July 2021. The 13^th Edition incorporates the changes to the Takeover Code in relation to offer conditions and the offer timetable and also gender neutrality announced by the Takeover Panel in April 2021.

Looking ahead to July 2021

5 July – amendments to the Takeover Code replacing gender specific terms and in relation to conditions to offers and the offer timetable took effect from this date.

8 July – closing date for Government’s consultation on restoring trust in audit and corporate governance.

19 July – HMRC to discontinue the use of physical stamping on stock transfer forms.