Bird & Bird's Summer 2023 PLC Update
We are very pleased to publish the latest edition of Bird & Bird's PLC Update, a periodical publication containing recent developments in the Equity Capital Markets arena.
We hope that you find the content of our PLC Update both interesting and useful. Please do get in touch should you require any assistance or advice.
A return to laissez-faire? The FCA’s surprising proposals to relax the Listing Rules.
The FCA has made significant proposals to change the current Main Market listing regime, including merging the existing Premium and Standard Listing segments into one new segment for equity shares in commercial companies, and some important relaxations to the existing eligibility rules for listing and the continuing obligations of companies already listed on the market.
UK competition law powers: sharper teeth, larger fines – New Bill bolsters investigative and enforcement powers of the CMA
On 25 April 2023, the Digital Markets, Competition and Consumer Bill was finally put before Parliament. The Bill aims to increase the level of competition among businesses “both online and on the high street”. It brings together a series of reforms across the CMA’s competition tools and, notably, where relevant, these tools apply to sector regulators when exercising concurrent competition powers. The four focus areas include (i) merger control, (ii) market inquiries, (iii) investigation powers, and (iv) investigation and enforcement.
Unlawful disclosure of inside information
The FCA’s Primary Market Oversight department has given guidance on common situations where there has been unlawful disclosure of inside information, and new legislation has been introduced to bring the securities and markets subject to the UK’s criminal regime for insider dealing into line with those covered by the civil regime in the UK version of the Market Abuse Regulation.
