Listing and Prospectus Rules update: A round-up of changes to the UK FSA Handbook in 2012
In January 2012, the FSA published a consultation paper in which it set out numerous proposals for changes to the Listing Rules, Prospectus Rules and Disclosure Rules and Transparency Rules, which had been identified as being required to ensure that the operational effectiveness of the listing regime was maintained. Various subsequent FSA Quarterly Consultations have made other changes to that regime. Part 1 of this update summarises the most significant changes, the majority of which came into force on 1 October 2012. Changes affecting sponsors were implemented as from 31 December 2012.
In the feedback statement to CP12/2, the FSA also proposed further changes to the listing regime, raising wider issues about the nature of the premium listing standard and undertaking, subject to responses, to consider developing specific options or proposals for discussion. The most significant of these proposals are set out in Part 2 of this update.
In July 2012, the remainder of the Revised Prospectus Directive (2010/73/EU) was implemented. Part 3 of this update deals with the most significant of those changes…
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.