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Transport, Trade and Logistics Update
A new form of security following the declaration of general average (GA) has the market wondering if a real change has occurred.
United Kingdom | Publication | February 2021
On January 29, 2021, the Financial Conduct Authority (FCA) announced a number of changes to the FCA Handbook, including the addition of a new section in the Listing Rules, LR 16A, titled “Open-ended investment companies: Standard listing”. These changes have been introduced by the FCA’s Listing Rules (Open-ended Investment Companies) Instrument 2021.
In summary, this Instrument makes changes to the Listing Rules and other relevant parts of the FCA Handbook to create a more proportionate listing regime for open-ended investment companies (OEICs) in standard listing by disapplying or amending existing premium listing requirements that:
The FCA consulted on its proposals in March 2020 in CP 20/5. All OEICs that already have a premium listing will automatically become standard listed under the amended provisions in new LR 16A when the final rules come into force. This will be January 4, 2022 so that OEICs with cross-listings have plenty of time to engage with other jurisdictions where a UK premium listing was made a condition of that listing. This is to ensure overseas listings can be retained following the move to a standard listing in the UK.
(FCA: Changes to Listing Rules for Open Ended Investment Companies - Handbook Notice 84, 29.01.2021)
In January 2021, the International Integrated Reporting Council (IIRC) published an updated version of its International IR Framework, last published in 2013. This latest version applies to reporting periods commencing January 1, 2022.
The IIRC wants integrated thinking to be embedded within mainstream business practice in the public and private sectors, facilitated by integrated reporting as the corporate reporting norm. The purpose of the IR Framework is to establish Guiding Principles and Content Elements that govern the overall content of an integrated report, and to explain the fundamental concepts that underpin them. The Framework identifies information to be included in an integrated report for use in assessing the organisation’s ability to create value but does not set benchmarks for such things as the quality of an organisation’s strategy or the level of its performance.
The IIRC states that an integrated report differs from other reports and communications in a number of ways. In particular, it focuses on the ability of an organisation to create value in the short, medium and long term, and in so doing it:
Publication
A new form of security following the declaration of general average (GA) has the market wondering if a real change has occurred.
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There is much talk currently about South Africa standing at a political cross-roads, in relation to its ability to make the newly formed Government of National Unity work (and to unlock the legion economic and social benefits that would flow from making it work).
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The Lloyd’s Open Form has been the maritime industry’s preferred form of agreement for salvage for over a hundred years. In response to industry concerns and the declining number of LOF contracts being concluded each year, an update to the Form was published in June this year.
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