Capital Markets Update – October 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.

September’s news

NEX Exchange publishes updated Growth Market Rules

On 2 September 2019, the NEX Exchange announced via a press release that it has updated its Growth Market Rules for Issuers and the Corporate Advisor Handbook. The updated Rules and Handbook apply from 2 September 2019.

Maintenance of the prospectus regime after Brexit

On 6 September 2019, the Prospectus (Amendment etc) (EU Exit) Regulations 2019 were published. The regulations largely preserve the existing prospectus regime for issuers in the UK once the UK leaves the EU.

QCA considers role of NEDs

On 6 September 2019, the Quoted Company Alliance (QCA) published a report considering the role of non-executive directors (NEDs) in growth companies compared with that of NEDs in large companies.

QCA publishes new audit committee guide

On 12 September 2019, the QCA published an updated audit committee guide setting out its views on best practice for audit committees. This version replaces the version of the guide published in November 2014 and is a companion to the QCA Corporate Governance Code.

BVCA publishes response to Modern Slavery consultation

On 19 September 2019, the British Private Equity and Venture Capital Association (BVCA) published its response to the consultation on proposed measures to strengthen the Modern Slavery Act 2015.

FCA publishes Christmas listing information

On 24 September 2019, the Financial Conduct Authority (FCA) published details of its approach to listing transactions over the Christmas and New Year period including changes to its standard turnaround times for reviewing documents as well as the process for listing applications.

Investment Association publishes guidelines regarding director pension contributions

On 27 September 2019, the Investment Association issued a Press Release announcing that it has issued new guidelines, ahead of the 2020 AGM season, with regard to pension contributions of executive directors.

FCA publishes Handbook Notice

On 27 September 2019, the Financial Conduct Authority (FCA) published Handbook Notice 69, which covers changes to the FCA Handbook and other material made on 26 September 2019.

Looking ahead to October 2019

3 October 2019 – Closing date for ESMA consultation on disclosure guidelines under the Prospectus Regulation ((EU) 2017/1129.

4 October 2019 – Closing date for parts of the FCA Quarterly Consultation Paper 25 (CP19/27) including those in relation to further Brexit related changes to the FCA Handbook and binding technical standards following extension of Article 50 and changes to regulatory reporting requirements.

7 October 2019 – Companies House moves to its new office: Companies House, Ground Floor, 80 Petty France, Westminster, London, SW1H 9EX.

11 October 2019 – Application date for Commission Delegated Regulation (EU) 2019/1011 intended to promote the use of SME growth markets for the purposes of MiFID II.