UK Corporate Update - 29 October 2015

The following topics are covered in this issue. Click on the link in the right hand column to read the full article or download the entire issue as a PDF. 

Company administration and filings: reforms in effect in 2015 and 2016

A number of company law reforms were passed before the last election as part of a push to cut red tape and improve public access to information. A tranche of the new rules came into force this month, with further implementation this December and in 2016.

No opt-out of viability statements for premium-listed companies

The Financial Conduct Authority has confirmed changes to the Listing Rules relating to the UK Corporate Governance Code, along with other minor changes. It is now mandatory for premium-listed companies to publish a viability statement (rather than being able to comply or explain).

FRC identifies areas for companies to focus on in their reporting

The Financial Reporting Council has identified areas companies should focus on in their reporting, based on reviews of the accounts and reports of listed and large private companies in the year to 31 March 2015.

FRC consults on going concern guidance for companies that do not apply the UK Corporate Governance Code

The Financial Reporting Council has published an exposure draft of going concern guidance for companies that do not apply the UK Corporate Governance Code.

ESMA clarifies application of new Transparency rules

The European Securities and Markets Authority has updated its Q&A on the Transparency Directive. The Q&A now cover some of the points arising from changes made to the Transparency Directive which Member States must implement by 26 November 2015.

UK Corporate Round-up

We have prepared a round-up of upcoming UK corporate governance and corporate housekeeping developments relevant to listed companies.

The Matrix – updated index of key sources of corporate governance regulation

We have published an updated copy of the Matrix, our comparative index of corporate governance developments affecting UK listed companies.

Deal protection measures in Takeover Code offers - new guidance

The Takeover Panel has published a new practice statement (Practice Statement No. 29) which consolidates and codifies its practice on deal protection measures in Takeover Code offers.

Clean team agreements in Takeover Code Offers

The Takeover Panel has published a new practice statement (Practice Statement No.30) which codifies the practice of ring-fencing commercially sensitive information provided to bidders via the use of so-called "clean teams" for the purpose of obtaining regulatory consents while complying with antitrust rules which restrict the disclosure of commercially sensitive information between competitors.

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