13 setembro 2021
Linklaters’ market leading equity capital markets team recently advised Wise plc on the first European Tech company direct listing, a transaction that also included the UK’s first widely held dual-class share structure, novel liquidity provision arrangements and a bespoke opening auction for Wise’s shares on the London Stock Exchange.
1 março 2021
The findings of a highly anticipated independent strategic review into UK fintech have been published. The review, led by Ron Kalifa OBE, sets out a five-point plan to ensure the UK can retain its position as a global leader in fintech, and thus financial services more broadly. The recommendations are wide-ranging and bold. Notably, several are aimed at providing a more supportive environment for fintech firms to grow into global champions. The government has welcomed the report and committed to considering its recommendations in detail.
6 julho 2021
The prospectus review from HM Treasury consults on proposals to streamline prospectus requirements, improve the quality of disclosure and make the prospectus regime more agile and dynamic. There is also a push to widen ownership of public companies by removing disincentives to offering shares to retail investors.
6 julho 2021
The Financial Conduct Authority has published a consultation seeking views on potential reforms of the current listing segments function and on several specific changes to the Listing Rules to remove barriers to listing.
11 junho 2021
After the introduction of the National Security and Investment Act 2021 to address foreign investment in the UK, it is now the turn of equity listings and admissions to the UK public markets to be scrutinised through the lens of national security. A consultation, published on 7 June, by HM Treasury, proposes a new standalone power for the Government to block a listing in the UK which it considers could be detrimental to national security.
28 julho 2021
Changes to the UK listing rules have been announced to make the rules more friendly to special purpose acquisition companies. The changes will enable SPACs to avoid having their shares suspended ahead of a potential acquisition, provided they meet a number of conditions.
12 agosto 2021
Under newly approved amendments, many companies listed on the Nasdaq Stock Exchange (“Nasdaq”) will soon be required to have, or explain why they do not have, at least two board of directors members who are diverse (i.e., female, an underrepresented minority or LGBTQ+), including (i) at least one female director; and (ii) at least one underrepresented minority or LGBTQ+ director. Nasdaq-listed companies will also have to provide annual numerical disclosure on the diversity of their board of directors.
21 dezembro 2020
Following years of court challenges and a Congressional repeal, the U.S. Securities and Exchange Commission has finally adopted a less-demanding version of the controversial resource extraction payments disclosure rule it first adopted in 2016.
7 dezembro 2020
Recently passed legislation will prohibit U.S. stock exchange listings by 2024 for companies whose auditors do not allow PCAOB inspections and require new disclosure of foreign government ownership.
2 dezembro 2020
Amendments will eliminate specific requirements for selected financial data, off-balance sheet liabilities and contractual obligations.
30 novembro 2020
Following a series of U.S. actions this year targeting China-based companies, the staff of the U.S. Securities and Exchange Commission (the “SEC”) recently issued guidance directing these companies to look closely at their disclosure in certain areas, including whether there is clear and prominent disclosure of restrictions on the Public Company Accounting Oversight Board’s (“PCAOB”) ability to inspect the company’s audit firm.
15 dezembro 2020
With the end of the Brexit transition period getting ever closer, we provide an overview of what DCM market participants need to know for transactions from January 2021. In this three-page publication we outline the key legal and documentary issues to be considered by transaction parties in relation to wholesale debt offerings, along with some potential areas of future divergence to consider as a DCM market participant.
14 janeiro 2021
If 2020 was marked by the current shockwave of the Covid-19 pandemic, geopolitical tensions and the Black Lives Matter movement and the US election, 2021 is likely to be marked by the “build back better” and “build back greener” agenda. In this publication we explore some of the key global ESG themes we believe will shape the legal outlook for businesses in 2021.
29 dezembro 2020
More than a year after the New York Stock Exchange first proposed allowing companies to raise capital in connection with direct listings, the U.S. Securities and Exchange Commission (the “SEC”) has finally approved the new rule, which is effective immediately. The Nasdaq Stock Exchange is seeking immediate effectiveness for a substantially similar rule proposal, which is still subject to SEC review.
25 novembro 2020
HM Treasury has published a call for evidence in relation to a review of the UK listing regime. The review will seek to make a UK listing more attractive to tech companies and take advantage of the increased flexibility the UK will have after the end of the Brexit transition period.
terça-feira 12 janeiro 2021, 17:00 to 18:30 GMT +1
Location: Brussels
Special Purpose Acquisition Companies (“SPACs”) have recently gained a boost in popularity on the US markets and the phenomenon appears to be gaining traction in Europe as well. During our webinar, we'll cover the following topics, among others:
> What is a SPAC?
> What are special points of attention when a SPAC wants to effect a business combination with a Belgian target?
> How can a SPAC be structured as a Belgian legal entity?
> What would be expected focus points of the Belgian regulator when listing a SPAC on Euronext Brussels?
