Capital Markets Update – May 2019

Business Meeting 10 Print publication


Welcome to the current edition of Capital Markets Update, the monthly briefing from the Corporate Group at Walker Morris rounding up the previous month’s regulatory developments within the equity capital markets and looking ahead to future developments.

April’s news

ESMA updates Transparency Directive Q&A

On 2 April 2019 the European Securities and Markets Authority (ESMA) issued a press release announcing that it had updated its Q&A on the Transparency Directive and prospectus related topics.

Report on the future of audit is published

On 2 April 2019 the Department for Business, Energy and Industrial Strategy (BEIS) published its report on the future of audit setting out its recommendations for audit reform.

Takeover Code amended for Brexit

On 4 April 2019 the Takeover Panel announced that the Takeover Code had been amended to reflect the UK’s withdrawal from the European Union in a ‘no-deal’ scenario. The amendments will take effect on Exit Day.

PLSA publishes response to Stewardship Code consultation

On 5 April 2019 the Pensions and Life Savings Association published its response to the Financial Reporting Council’s consultation into the draft 2019 Stewardship Code.

ESMA publishes updated Q&A on MiFIR

On 9 April 2019, ESMA issued a press release stating that it had updated its Q&A document on data reporting under the Markets in Financial Instruments Regulation.

BEIS consults on the quality and effectiveness of audit

On 10 April 2019, BEIS launched a consultation tasked with looking into what the standards and requirements should be for the UK audit profession in the future, and providing recommendations as to what more can be done to ensure audits meet public, shareholder and investor expectations. The consultation closes on 7 June 2019.

FCA publishes Primary Market Bulletin 23

On 16 April 2019 the Financial Conduct Authority (FCA) published Primary Market Bulletin 23 which updates its technical advice relating to the delay in disclosure of information under MAR and also provides information on the implementation of the Prospectus Regulation.

FCA publishes Handbook Notice 63

On 26 April 2019, the FCA issued a press release announcing that it has published new Listing Rules Checklists together with new Cross-Reference Lists for issuers to use when submitting documents for FCA approval under the Prospectus Regulation. The new lists are to be used for submissions to be approved on or after 21 July 2019.

Looking ahead to May 2019

At some point before the end of May 2019 the FCA intends to issue a policy statement dealing with its consultation into changes required to the FCA Handbook to align it with the Prospectus Regulation.