Publication
M&A hub: Developments driving and shaping M&A
Key legal and regulatory developments driving and shaping M&A
Essential Corporate News: Week ending 29 September 2023
United Kingdom | Publication | September 2023
FCA and PRA: Consultation papers on diversity and inclusion in the financial sector published
On 25 September 2023, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published consultations setting out their proposals to introduce a new regulatory framework on diversity and inclusion (D&I) in the financial sector. The FCA’s consultation paper, CP23/20, is on D&I in the financial sector – ‘working together to drive change’, and the PRA’s consultation, CP18/23, is on D&I in PRA-regulated firms.
For further information, see our Regulation Tomorrow blog post.
UKEB: Reports following Climate-related Matters Research Project
On 15 September 2023 the UK Endorsements Board (UKEB) published two reports arising from its Climate-related Matters Research Project. The evidence gathered for these reports will help the UKEB obtain insight into UK companies’ existing experience of reporting on climate-related matters and the connectivity between sustainability reporting and financial reporting in this respect.
The two reports are as follows:
- The ‘Climate-Related Matters: Summary of Connectivity Research’ which provides an overview of recent third-party research into connectivity challenges between Task Force on Climate-related Financial Disclosures (TCFD) (described as a proxy for the disclosures required by IFRS S2) and the financial statements.
- ‘A Study in Connectivity: Analysis of 2022 UK Company Annual Reports’ which provides a deep-dive analysis from an investor’s perspective of potential connectivity challenges and includes stakeholder feedback on possible causes.
A desktop review of 24 recent research reports and articles commenting on climate-related risks and their connections with financial statements indicated three broad themes. In order of prevalence, these were:
- Connectivity: the level of connectivity between climate-related narrative disclosures and the disclosures in the financial statements.
- Occurrence and quality: an increase in the frequency but not quality of climate-related disclosures.
- Estimates and judgements: a lack of transparency regarding the use or impact of climate-related matters in the estimates and judgements used to prepare financial statements.
These are discussed in more detail in the reports.
This issue
Global Head of Corporate M&A and Securities
Email
raj.karia@nortonrosefulbright.com
Recent publications
Publication
Supreme Court judgment in Hopcraft appeals: Defining the legal boundaries of broker-lender relationships in motor finance
On 1 August 2025, the Supreme Court handed down its judgment in three conjoined appeals concerning the payment of commission by finance lenders to motor dealers in connection with the provision of finance for the hire purchase of cars, where that commission is either not disclosed, or only partly disclosed, to the hirers of the cars.
Publication
Essential Corporate News – Weeks ending 25 July and 1 August 2025
.On 25 July 2025 the FCA published Primary Market Bulletin 57 (PMB 57) in which it finalises certain changes to the Knowledge Base, consults on further amendments, and highlights upcoming changes to the National Storage Mechanism and certain UK MAR notification forms.
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