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M&A hub: Developments driving and shaping M&A
Key legal and regulatory developments driving and shaping M&A
United Kingdom | Publication | March 2023
HM Treasury: Investment Research Review launched
On March 9, 2023 HM Treasury announced the appointment of a Chair of a new independent review of investment research and its contribution to the competitiveness of the UK’s capital markets (the Investment Research Review). This is part of the UK Government’s wider commitment to enhance the UK’s ability to attract companies to list and to grow.
To take advantage of the UK’s new freedoms in financial services following its withdrawal from the EU, the Government has launched several initiatives to strengthen the UK’s capital markets, including the Listing Review by Lord Hill. Lord Hill and others raised concerns about the quality and quantity of investment research produced in the UK as compared to other jurisdictions, particularly for certain sectors like tech and life sciences, and that this could undermine valuations and therefore the attractiveness of the UK as a place to list and make it harder for companies to access private capital. As a result, through the Investment Research Review, the UK is seeking to identify and address some of these concerns, to ensure London maintains its unique attractiveness as a listing’s destination.
The two main objectives of the Investment Research Review, as set out in its Terms of Reference, are to:
1. Assess the link between levels of research and the attractiveness of the UK as a destination to list, so the Investment Research Review is asked to:
2. Evaluate options to improve the UK market for investment research and provide recommendations to this effect. In particular:
A report is expected within three months of Rachel Kent’s appointment as Chair of the Investment Research Review.
(HM Treasury, Terms of Reference – Investment Research Review, 09.03.2023)Publication
Key legal and regulatory developments driving and shaping M&A
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