In January 2009, the UK Listing Authority published the 20th edition of LIST! This edition covers a range of topics including:
- Ratification circulars – the FSA's revised approach to the application of the related party transaction regime in the context of circulars which include a proposed resolution to ratify some action or inaction by directors which has resulted in an actual or potential breach of law or regulation;
- Compliance with DTR 5 – the FSA warns that it will now take a more enforcement led approach to the major shareholding disclosure regime and will consider using public disciplinary action against shareholders or listed companies found to be in breach of DTR 5 (Vote holder and issuer notification rules) where this is warranted. The FSA notes that this may have particular relevance when the scope of DTR 5 is widened to include financial instruments which give rise to a similar economic effect to that of a qualifying instrument (expected to come into force in September 2009);
- Going concern and liquidity risk – the FSA comments on disclosures around going concern statements and liquidity;
- Calling general meetings on 14 days' notice after 3 August 2009 – the FSA comments on the steps listed companies may wish to take prior to 3 August 2009, the implementation date for the Shareholder Rights Directive, in order to be able to continue to hold shareholder meetings on 14 days' notice. Please see our article on this topic included in this edition of our E-Bulletin: Listed companies – BERR guidance on calling general meetings on 14 days' notice after 3 August 2009; and
- Changes to sponsor regime – the FSA comments on the new sponsor regime which comes into effect on 6 February 2009 and, in particular (i) the interaction between a sponsor's annual confirmation to the UKLA and the requirement to carry out a regular review to ensure that it continues to be competent to provide sponsor services and has appropriate systems and controls, (ii) the new conflict requirements and (iii) risks for sponsor firms posed by current market conditions. Please see our article on this topic included in the December 2008 edition of our E-Bulletin: Listing Rules – Changes to Chapter 8 following FSA's consultation on sponsor regime.
View LIST! 20 (8 page pdf).