A NOTEPAD ON COMPANY AND FINANCIAL LAW, NEWS AND REGULATION
The GC100 group has issued a strongly supportive response to the Ministry of Justice’s consultation on Deferred Prosecution Agreements. The Corporate Crime and Corruption Committee of the City of London Law Society has responded here.
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From Kennedy’s, short and sensible advice on how employees and employers can dealing with “changes brought on by the rise of social media”.
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In July 2010 the Takeover Appeal Board confirmed the Takeover Panel’s three year ”cold-shouldering” of Brian Myerson, Brian Padgett and Daniel Posen. This, only the second “cold-shoulder” in 40 years, triggered MAR 4.3 (Support of the Takeover Panel’s Functions) of the FSA Handbook, which requires that FSA-authorised firms:
“must not act, or continue to act, for any person in connection with a transaction to which the Code applies if the firm has reasonable grounds for believing that the person in question, or his principal, is not complying or is not likely to comply with the Code”.
The effect is that no authorised firm can act for the three individuals on any transaction falling within the Code.
Without any comment or explanation, this reminder appeared on the FSA website on 31 July 2012:
“On 31 July 2012, the Market Monitoring department sent a reminder to all FSA authorised firms setting out key elements of the ‘cold-shouldering’ requirement imposed by the Panel on Takeovers and Mergers in respect of Brian Myerson, Brian Padgett and Daniel Posen in 2010.”
One can only guess at the reason for the reminder…
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As part of its “Journey to the FCA” webpage, the Financial Services Authority has published a set of frequently asked questions for authorised firms on the transition from the FSA to the new conduct and markets regulator.
The FSA promises an “approach document” in October 2012 on how the FCA will work.
See also: Tracey McDermott becomes head of FSA’s Enforcement and Financial Crime Division – The Daily Telegraph, July 2012
How conduct supervision will work under the Financial Conduct Authority
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From efinancialnews.com via Nasdaq:
“One of the world’s largest investors is threatening to boycott any stock market listing that allows minority shareholders to control a majority of the votes through multi-tier share structures and will oppose those that already exist…
…The California Public Employees’ Retirement System, the US’s largest pension fund with $237 billion in assets under management, is drawing up new corporate governance criteria under which it will campaign to remove dual class, classified or plurality voting structures and not invest in initial public offerings which use them.”
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The UK introduced a temporary short selling regime in 2008, placing it on a permanent footing in 2009 and 2010 through rules now contained in Chapter 2 of the FINMAR module of the FSA Handbook. That regime requires the public disclosure of net short positions of 0.25% or above of the issued equity of selected UK financial stocks and UK stocks undertaking rights issues.
The UK regime will be abolished on 1 November 2012 when the EU Short Selling Regulation (EU No 236/2012) comes into effect. The Regulation is directly applicable in the UK and requires no further domestic implementation. The Regulation requires that:
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