Capital Markets Practice News Round-Up: Issue 4/2015

    View Authors April 2015
    Welcome to the latest in our series of regular alerts containing a round-up of news from our Capital Markets Practice.

    The topics covered in this issue are:
    • Transparency Directive: Treasury and FCA Consultation on UK Implementation of Amending Directive. This joint consultation paper sets out proposed amendments to the Financial Services and Markets Act and to the Disclosure and Transparency Rules in order to implement the directive amending the Transparency Directive.
    • FCA: Primary Market Bulletin published. Bulletin No. 11 confirms the publication of six new technical notes, the amendment of 11 existing technical notes and the deletion of one technical note. It also consults on further proposed changes and additions to the UKLA Knowledge Base.
    • New Online Filing Requirements for Employee Share Plans. Companies operating employee share plans and similar arrangements must now take action to register those plans online with HMRC and self-certify tax-advantaged plans.  In addition, annual returns for share schemes (including non-tax-advantaged arrangements) now have to be made online. 
    • Political Parties' Policy Statements: Employee Representation. The Labour, Lib Dem and SNP parties have published their policy statements covering employee representation on boards and remuneration committees in their manifestos. 
    • UK Shareholder Activism: BP AGM Resolution Clears the Hurdle. The resolution proposed by the “Aiming for A” shareholder coalition at BP’s AGM has been passed with over 98% of votes cast.  The resolution requires increased annual reporting relating to climate change risks and makes the link to related KPIs and executive incentives. 
    • Takeover Panel: Revised Fees and Charges. The Takeover Panel has amended the fees and charges which are payable in accordance with section 13 of the Introduction to the City Code on Takeovers and Mergers.