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Welcome to the January 2025 edition of our quarterly update for listed companies. If you would like to discuss any of these developments in further detail, please feel free to get in touch with any of the contacts listed at the end of this note.
In this edition, we focus on the infrastructure implications of the new Labour Government's first Budget, including for energy, vehicles, telecoms, housing and major projects. We also look at new initiatives affecting the UK water industry and UK infrastructure investment more generally. Please get in touch if you would like to discuss any of the issues discussed below.
At the end of last week, the FCA published Primary Market Bulletin 52 (PMB 52) which provides helpful guidance for listed companies on the practical application of certain aspects of the UK version of the Market Abuse Regulation ("MAR"). While the points covered in PMB 52 are not new, they nonetheless provide some useful reminders for issuers on areas on which the FCA is focusing.
The Water (Special Measures) Bill (the "Bill") was introduced into Parliament on 4 September 2024 and is currently at the Committee stage in the House of Lords ("HoL"). As part of its announcement introducing the Bill, the Department for Environment Food & Rural Affairs ("DEFRA") emphasised that the Bill is intended to significantly strengthen the power of water industry regulators in the UK – holding water companies to account "where they have failed to deliver for the environment and customers and begin to restore trust in the industry".
Earlier this month, the EU's European Artificial Intelligence Act ("AI Act")[1], the world's first comprehensive regulation on artificial intelligence, came into force. The AI Act aims to ensure that AI systems are safe, transparent, traceable and environmentally friendly.
Welcome to the first of our series on what is new and what to do next for listed companies, in which we intend to cover the key legal developments relevant to listed companies each quarter. If you would like to discuss any of these updates, please feel free to get in touch with any of the contacts listed at the end of this briefing.
In this edition, we look at what a Labour Government could mean for investors in and operators of UK infrastructure. We also provide an update on disclosure rules for corporates, greenwashing rules for funds and a range of other topics, from EV charging, housing and planning through to tax and expiry of PFI/PPP deals. Please get in touch if you'd like to discuss any of the issues discussed below.
This briefing sets out the headline themes and changes that premium-listed companies should be aware of for the 2024 AGM season, together with a list of further useful resources.
Following a lengthy consultation period, the Financial Reporting Council (the "FRC") recently unveiled its revised UK Corporate Governance Code (the "Code"). As expected from its policy statement in November 2023, the FRC has dropped many proposals that were originally floated, in light of both the Government's withdrawal of the Companies (Strategic Report and Directors' Report) Amendment Regulations 2023 and feedback received during the consultation. As a result, the revised Code is, in the FRC's words, a "limited revision", with the key changes focusing on internal controls.
In this edition, we highlight the key regulatory and policy developments this Autumn which will impact investors in and operators of energy and infrastructure assets in the UK. Please get in touch if you'd like to discuss any of the issues discussed below.
This Briefing sets out the headline changes that UK incorporated main market and AIM listed companies should be aware of from the past year and a timeline of key upcoming developments. This Briefing also covers, at a high level, some topics which are not specific to listed companies.
The controversial legislation to enable the Government to revoke or reform retained EU law (the Retained EU Law (Revocation and Reform) Act or REUL Act) has now Received Royal Assent. Although some of the most heavily criticised aspects of the legislation have been removed, it will still create a climate of uncertainty around retained EU law.
The FRC has subsequently stated that it will taking forward only a small number of its proposals.
This Briefing sets out the headline themes and changes that premium listed companies should be aware of for the 2023 AGM season, with a list of further useful resources set out at the end of the Briefing.
On 9 November 2022, the Investment Association (the "IA") published its latest version of the IA Principles of Remuneration (the "Principles") and Letter to Remuneration Committee Chairs (the "Letter").
On 4 November 2022, the Pre-Emption Group published a revised Statement of Principles for the disapplication of pre-emption rights (the "Statement"), together with new template resolutions. The Statement, which has been updated for the first time since 2015, has immediate effect in line with the recommendations of the UK Secondary Capital Raising Review (the "Recommendations") published in July.
The Government has published legislation giving it wide-ranging powers to revoke or reform retained EU law. Among other things, it includes a proposal for the majority of retained EU legislation to expire at the end of 2023, unless expressly preserved in some form.