On 18 March 2016, the FCA published its twelfth quarterly consultation paper (CP16/8). This consultation paper sets out the FCA’s proposals to make changes to the:

  • definition of reverse takeover in LR 5.6.4R to clarify that a transaction cannot be artificially broken up to avoid the reverse takeover requirements. The FCA reminds issuers of its policy of considering the substance of a transaction over its legal form;
  • list of documents set out in PR 1.1.6G that need to be considered when determining the effect of the Prospectus Directive as there are now four ESMA opinions relating to prospectuses; and
  • rule relating to reports on payments to governments (as required by the Transparency Directive) by inserting a new rule DTR 4.3A.10R. The FCA is proposing that reports under the Transparency Directive should be prepared in the same format and use the same data scheme as required under the Accounting Directive. The FCA is also proposing to require issuers to file reports on payments to governments prepared under the Transparency Directive with the FCA and to upload them to the system identified by the FCA on its website as the national storage mechanism for regulatory announcements and certain documents published by issuers.

This consultation paper can be accessed here: