Welcome to the latest edition of our International Public Securities Group Newsletter providing you with brief summaries of recent developments in the UK public securities arena.

Click on the title to view any particular article.

Of course if you have any queries on any particular points arising from the Update or on any other issues, please contact any member of the Public Securities Group detailed below.

The UK Corporate Governance Code
The new UK Corporate Governance Code has been introduced and replaces the Combined Code for accounting years beginning on or after 29 June 2010.

New UK Stewardship Code for institutional investors
The Financial Reporting Council has published a new Stewardship Code which aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities.

Issue 25 of List!
The UKLA has published issue 25 (July 2010) of List!  The main articles in List! 25 clarify the UKLA's approach on reverse takeovers and break fees based on recent experience and discussions with the Listing Authority Advisory Committee. 

AIM: issue 2 of Inside AIM newsletter
The second edition of Inside AIM (July 2010) has been published.

US securities laws and their jurisdictional reach
A recent judgment in Morrison v National Australia Bank (US Supreme Court 2010), provides important clarification on the extra-territorial application of US securities laws.

Corporate finance engagement letters
In Seymour Pierce Limited v Grandtop International Holdings Limited ([2010] EWHC 676 (QB)), the High Court considered the enforceability of a success fee clause in a corporate finance adviser's engagement letter.

FSA fine for Photo-Me International
The FSA has fined Photo-Me International plc £500,000 for failing to disclose inside information and failing to communicate information in order to avoid a false market. 

National Storage Mechanism
On 1 September 2010, the National Storage Mechanism replaced the Financial Services Authority's Document Viewing Facility. 

'Cold shouldering' decision of the Takeover Panel
On 14 July 2010, the Panel on Takeovers and Mergers published a statement on their website regarding the 'cold-shouldering' of Brian Myerson, Brian Padgett and Daniel Posen.