Linklaters

The following topics are covered in this issue. Click on the links in the right hand column to read the individual articles or download the entire issue as a PDF.

• Broker disclosure of a sale of securities by a PDMR
  The FSA has published guidance on market abuse issues for brokers, acting for PDMRs.
• Annual re-election of directors
  Hermes, USS and Railpen have publicly stated in a letter to the FT that they are against annual re-election of directors.
• Takeover Panel issues rare "ASBO"
  The Takeover Panel has imposed a severe sanction for a breach of Rule 9 by an undisclosed concert party.
• FSA consultation on disclosing compliance with UK Stewardship Code
  The FSA has proposed an amendment to the Conduct of Business sourcebook to require UK-authorised firms managing investments on behalf of professional clients to disclose their commitment to the Stewardship Code.
• Debut offshore renminbi bond issue
  The first offshore renminbi-denominated bond issue by a non-Chinese company was launched in Hong Kong earlier in July.