Capital Markets Update – November 2018

Business Meeting 10 Print publication


Welcome to the first edition of Capital Markets Update, the monthly briefing from the Corporate Group at Walker Morris rounding up the month’s developments within the equity capital markets.

October’s news

AIM Notice 54

On 1 October 2018 the London Stock Exchange published AIM Notice 54 confirming changes to the AIM Disciplinary Procedures and Appeals Handbook. The LSE also published an Extract to AIM Notice 54 setting out consequential changes to the AIM Rules for Companies and AIM Rules for Nominated Advisors. The revised Handbook and the changes to the AIM Rules have immediate effect.

NASDAQ US added to NEX Exchange

On 1 October 2018 the NEX Exchange issued a market notice announcing that it had added NASDAQ Capital Market, NASDAQ Global Market and NASDAQ Global Select Market to its list of Qualifying Markets for the fast-track admission procedure to the NEX Exchange Growth Market.

Recognition of Funds

On 8 October 2018 the Financial Conduct Authority and the Securities and Futures Commission of Hong Kong signed a Memorandum of Understanding on Mutual Recognition of Funds (MoU) which will allow eligible Hong Kong public funds and United Kingdom retail funds to be distributed in each other’s markets through a streamlined process. Further details of the MoU can be found here.

Consultation on proposed changes to the Takeover Code

On 17 October 2018 the Code Committee of the Takeover Panel issued a public consultation paper setting out proposed amendments to Rule 29 of the Takeover Code which deals with asset valuations in the context of an offer. The proposed amendments codify the current, unwritten practice of the Panel Executive in respect of asset valuations and do not result in any material changes to how Rule 29 has been applied on recent transactions. The closing date for the consultation is 7 December 2018.