We are pleased to issue 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 enjoy reading our PLC Update. Please do get in touch should you require any assistance or advice.
Review of UK Listing Regime
The UK Government has recently published its report on proposals to make changes to the UK listing regime. The report follows a consultation exercise chaired by Lord Hill that was kick started back in November 2020, when HM Treasury published its “Call for Evidence- UK Listings Review” paper, in which it sought views on potential changes to various areas of the listing regime which may assist with boosting the number of new companies seeking to list in London.
Medicinal Cannabis Companies begin to list on London Stock Exchange
A number of Cannabis companies have been vying to be the first to list on the London Stock Exchange after the Financial Conduct Authority gave the green light to certain specific Cannabis-related businesses last year. Further details on the FCA's guidance and comments relating to medicinal cannabis companies looking to list is summarised within our article.
New Climate related Disclosure Requirements for Listed Companies
One area of business that seemingly avoided the shockwave of 2020 was ESG investment, and the associated push towards greater transparency around how and where money is invested. ESG investment has more than tripled over eight years to $40.5 trillion in 2020, and it is clear that this market is only going to grow as governments make ever more challenging promises – and issue ever more expansive stimulus packages - to achieve a net-zero economy.
New major shareholdings notification portal announced
On 22 March 2021, the new major shareholdings notification portal (the “Portal”) which the FCA previously announced (see here) became live. The announcement of the Portal stands as an important reminder to all position holders with reporting obligations under DTR 5.1.2 that as of that date, all TR-1 notifications regarding shares in a UK issuer admitted to trading on a regulated market should be submitted to the FCA via the Portal.
Proposed new UK foreign investment and listing restrictions
The UK Government has published new proposals under the National Security Bill that are designed to restrict foreign investment in the UK and to potentially block securities listings on UK public markets, in each case on grounds of national security.