Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Global | Publication | April 15, 2016
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On April 13, 2016 the London Stock Exchange (LSE) published AIM Notice 44 in which it is consulting on proposed changes to the AIM Rules for Companies (AIM Rules) ahead of the implementation of the Market Abuse Regulation (MAR) which comes into effect on July 3, 2016. The LSE has also published a mark-up of the AIM Rules, showing the proposed amendments.
The key proposed amendments are:
The LSE is requesting comments on the consultation by May 12, 2016.
Our briefing on changes for AIM companies under MAR has been updated to incorporate these proposals and can be found here.
(LSE, AIM Notice 44: Consultation on proposed changes to AIM Rules for Companies, 13.04.16)
(LSE, AIM Rules for Companies - Consultation mark up (AIM44), 13.04.16)
On April 13, 2016 the Financial Conduct Authority (FCA) published a discussion paper (DP16/3) on the availability of information in the UK equity IPO process along with an occasional paper on the factors that influence IPO allocations to investors and an interim report on its market study on investment and corporate banking.
The discussion paper covers the following:
The three models are:
The FCA has requested comments on the discussion paper by July 13, 2016.
(FCA, Discussion Paper/DP16/3: Availability of information in the UK Equity IPO process, 13.04.16)
This occasional paper, published by the Financial Conduct Authority (FCA), seeks to understand if the IPO allocation process works in the interests of issuer clients or whether conflicts of interest may result in banks favouring their highest-revenue clients when deciding on final allocations in IPOs.
The FCA assembled a detailed dataset on IPO allocations, on the revenues that banks receive from IPO investors, on meetings between issuers and investors, and on the trading behaviour of IPO investors, which resulted in the following findings:
This interim report, published by the Financial Conduct Authority (FCA), presents the findings of the FCA’s wholesale sector competition review which was announced in July 2014.
The interim findings are as follows:
The FCA also sets out a package of potential measures designed to be effective and proportionate and to ensure that competition takes place on its merits by reducing artificial incumbency advantages, improving clients’ ability to appoint banks that best suit their needs, ensuring that conflicts are properly managed and improving the IPO process. The potential remedies are as follows:
The FCA is requesting views on the interim report and potential remedies by May 25, 2016 and expects to publish its final report in summer 2016, and consult on any proposed interventions.
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
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