Capital Markets Update: September 2022
2nd September 2022
Welcome to the current edition of Capital Markets Update, the monthly briefing from the Corporate Group at Walker Morris rounding up the previous month’s regulatory developments within the equity capital markets and looking ahead to future developments.
August’s news
FCA publishes policy statement on high-risk investments
On 1 August 2022, the Financial Conduct Authority (FCA) published Policy Statement 22/10, which sets out its final policy position and FCA Handbook rules in relation to high-risk investments subject to the FCA’s financial promotion rules and for firms communicating and approving financial promotions.
FRC Lab reports on digital security risk disclosures
On 3 August 2022, the FRC Lab published a report which aims to help companies improve disclosures in their annual reports relating to digital security strategies, risk and governance.
FCA fines former chair of a listed company for market abuse
On 5 August 2022, the FCA published a Final Notice announcing that it had fined the former non-executive chair of ConvaTec Group plc £80,000 for unlawfully disclosing inside information in breach of Article 14(c) Market Abuse Regulation.
LSE publishes 2023 dividend procedure timetable
On 16 August 2022, the London Stock Exchange (LSE) published its 2023 Dividend Procedure Timetable setting out a series of ex-dividend dates for 2023, its associated record date and the corresponding latest announcement date.
FRC publishes regulations to create new PIE auditor register
On 18 August 2022, the Financial Reporting Council (FRC) announced the publication of the Public Interest Entity Auditor Registration Regulations, which create the FRC’s new registration regime for statutory auditors of public interest entities. The new regulations will come into force on 5 December 2022.
FCA issues fine for failing to implement market abuse surveillance rules
On 19 August 2022, the FCA announced that it had fined Citigroup Global Markets Limited £12.55 million for failing to properly implement the Market Abuse Regulation trade surveillance requirements relating to the detection of market abuse.
AQSE launches consultation on changes to its admission rules
On 22 August 2022, Aquis Stock Exchange (AQSE) launched a consultation on proposals to change the rules governing admission to both the Access and Apex segments of the AQSE Growth Market. Responses are requested by 2 September 2022.
FRC Lab publishes report on improving the production of ESG data
On 30 August 2022, the FRC Lab published a report to help companies collect and use ESG data more effectively. The report sets out a recommended step-by-step approach to ESG data production.
Looking ahead to September 2022
2 September – closing date for responses to the AQSE consultation on changes to its admission rules.
16 September – closing date for responses to the FCA’s consultation on improvements to equity secondary markets.
23 September – closing date for responses to the Takeover Panel’s consultation on proposed changes to the definition of acting in concert.
For further information or advice on regulatory developments within the equity capital markets, please speak to one of our experts.
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