Publication
What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
United Kingdom | Publication | March 2024
On 19 March 2024, the Department for Business & Trade (DBT) published a summary of the responses it has received to the Call for Evidence it launched in May 2023 as part of its review of the non-financial reporting requirements UK companies need to comply with to produce their annual report. As part of the review, the current company size thresholds (micro, small, medium and large) that determine certain non-financial reporting requirements, and the preparation and filing of accounts with Companies House, are also being considered to determine if they remain fit for purpose.
Main findings from the Call for Evidence
These are stated to be the following:
Next steps
With the summary of responses to the Call for Evidence, in a Ministerial Statement published on the same day, Kevin Hollinrake confirmed the following:
(DBT, Non-Financial Reporting Review, Call for Evidence – Summary of responses, 19.03.2024)
On 15 March 2024, FTSE Russell published a notice and document, including FAQs, in relation to the provisional changes to the FTSE UK Index ground rules as a result of the ongoing Financial Conduct Authority (FCA) review of the UK listing regime as set out in CP23/31 (see our briefing on CP23/31 here).
While noting that the FCA’s proposals are not final, so the FTSE Russell projections are also not final, FTSE Russell currently anticipates that the new Equity Shares (Commercial Companies) and the Closed Ended Investment Fund categories will become the eligible index universe for the FTSE UK Index Series, replacing the Premium Segment, shortly after the introduction of the new regime.
With Premium Segment listed companies expected to be automatically mapped to the new Equity Shares (Commercial Companies) and Closed Ended Investment Fund categories, and Standard Segment listed companies expected to be mapped to the Transition, International Secondary Listing, and Shell Companies’ categories, FTSE Russell notes that the immediate impact to the index composition is expected to be minimal on day one of the new regime. However, it also notes that after the introduction of the new regime, companies may decide to transfer to, or list on, the Equity Shares (Commercial Companies) category, which may result in them becoming eligible for the FTSE UK Index Series (at the following quarterly index review subject to satisfying all other inclusion criteria).
(FTSE Russell, FCA Primary Markets Effectiveness Review – Notice, 15.03.2024)
Publication
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Publication
The ongoing conflicts and further geopolitical tensions in Eastern Europe and the Middle East, coupled with upcoming elections in a number of key countries including the US and the UK, make 2024 challenging to predict what impact this will have on the insurance sector.
Publication
On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
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