Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Global | Publication | October 16, 2015
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On October 15, 2015 the London Stock Exchange (LSE) published a consultation on proposed changes to the AIM Rules for Companies (the AIM Rules) which apply to investing companies and to AIM companies that undertake a fundamental change of business, together with consequential changes required to the AIM Note for Investing Companies.
Amendments to the AIM Rules are as follows:
The AIM Note for Investing Companies is being updated to incorporate these amendments and, as such, provides that the LSE expects the condition of admission to raise a minimum of £6 million in cash via an equity fundraising on, or immediately before, admission, referred to in Rule 8 to usually be satisfied by an independent fundraising and not be funds raised from related parties, unless the related party is a substantial shareholder only and an authorised person. Cash funds resulting from a fundamental disposal under Rule 15 will usually be considered independent for these purposes.
The LSE has requested responses on this consultation to be sent by November 12, 2015.
(LSE, Consultation on proposed changes to AIM Rules for Companies, 15.10.15)
(LSE, AIM Note for Investing Companies (Extract) - Consultation mark up, 15.10.15)
On October 15, 2015 the Financial Reporting Council (FRC) published for consultation draft guidance on the going concern basis of accounting and reporting on solvency and liquidity risks for companies that do not apply the UK Corporate Governance Code. The consultation contains developments that are a result of the 2012 Sharman Inquiry and incorporates recent changes to the corporate reporting framework, most notably the introduction of new UK and Ireland GAAP and the strategic report.
The draft guidance is intended to replaces the FRC’s Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009 and An Update for Directors of Companies that Adopt the Financial Reporting Standard for Smaller Entities (FRSSE): Going Concern and Financial Reporting.
The consultation requests comment on several key topics, including:
The FRC is requesting comments by January 15, 2016.
On October 9, 2015 the Transparency Regulations 2015 (the Regulations) were published along with an explanatory memorandum. The Regulations will implement the final remaining provisions of Directive 2013/50/EU (the 2013 Directive) amending the 2004 Transparency Directive and make some minor changes to the draft Transparency Regulations that were published on August 3, 2015.
The significant changes made by the legislation are as follows:
Regulations 1, 3, 7 and parts of Regulations 2, 5 and 6 come into force on November 1, 2015, Regulation 4 and the remaining sections of Regulations 2 and 5 come into force on November 26, 2015, and Regulation 6 comes into force on May 31, 2016 for remaining purposes.
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023