Welcome to the latest edition of our Public Securities Group Newsletter providing you with brief summaries of recent developments in the public securities arena.
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Of course if you have any queries on any particular points arising from this Newsletter or on any other issues, please contact any member of the Public Securities Group detailed below.
Important changes proposed to the Takeover Code
The Takeover Panel has embarked on a consultation process in relation to significant proposed changes to the Takeover Code. These changes have been driven primarily by a concern that offerors have, in recent times, been able to obtain a tactical advantage over an offeree company to the detriment of the offeree company and its shareholders. The changes are primarily aimed at "hostile" offerors, but are also likely to impact on the manner in which recommended offers are implemented.
Inside AIM newsletter
The third edition of the Inside AIM newsletter has been published by the Stock Exchange's AIM Regulation Team.
Amendments to the Prospectus Directive
An amending Directive has been published which will widen the exemptions for the production of a prospectus.
EU Parliament adopts the AIFM Directive
The European Parliament has adopted the Alternative Investment Fund Managers Directive. The Directive will introduce a harmonised regulatory framework for managers of alternative investment funds based in the EU. The Directive does not apply to funds covered by the UCITS Directive, but will apply to managers of private equity and venture capital funds.
New PIRC UK Shareholder Voting Guidelines
The Pensions Investment Research Consultants (PIRC) has published a revised edition of its UK Shareholder Voting Guidelines (Edition 15).
Listed Company Committees Terms of Reference
The Institute of Chartered Secretaries and Administrators (ICSA) has published revised Guidance on Terms of Reference for Audit, Remuneration and Nomination Committees. The ICSA has also published new Guidance on Terms of Reference for Risk Committees.
FSA issues two Final Notices in relation to the misuse of inside information