Securities Law Issues
- 05/01/2007SPL response to FSA CP06/17 - Amendments to the Prospectus and Listing Rules
SPL comments sent on 5 January 2007 regarding the FSA Consultation Paper 06/17 entitled "Amendments to the Prospectus and Listing Rules".Download - (requires membership login)
- 06/10/2006FSA Consultation Paper 06/17 - Amendments to the Prospectus and Listing Rules
FSA's Consultation paper 06/17 entitled "Amendments to the Prospectus and Listing Rules", published in October 2006. Period for consultation responses closed on 5 January 2007.Download - (requires membership login)
- 20/12/2005Block Listing application
Example letter to the FSA applying for block listing of shares in connection with an employee share plan by a company listed on a EU regulated market in reliance on the exemption from the requirement to produce a prospectus in Article 4(2)(f) of the Prospectus Directive and Prospectus Rules 1.2.3(6).
This exemption allows EU listed companies to admit shares without a prospectus if certain wording is made available. An example RNS announcement including this wording is attached
- 12/07/2005Meeting with EU and FSA on Prospectus Directive - 12 July 2005
Minutes of a meeting between members of ifsProShare and representatives of the EU Commission and the Financial Services Authority on the Prospectus Directive. The note considers:
- whether transferable options or awards are covered by the Prospectus Directive;
- how the 2.5 million euro exemption applies to free shares;
- how the operation of an employee share plan can affect a company's home member state;
- what sort of securities a company has to have listed in the EU to take advantage of the employee share schemes exemption.
- 28/06/2005Prospectus Directive - Submissions to the FSA - 28 June 2005
Copy letter and Share Plan Lawyers submissions regarding the Prospectus Directive sent to Mike Duignan at the FSA on 28 June 2005 together with a note of a conversation with Adetutu Odutola of the FSA to discuss the paper on 29 June 2005 . Before accessing these documents, please ensure you have read the note below.
This paper, letter and attendance note have been produced for information purposes only to help members of the Share Plan Lawyers (the "SPL") in identifying the issues relating to the impact of the Prospectus Directive on employee share plans and offers. These documents do not represent the formal views of the FSA and should not be relied on when giving advice to your clients. All information contained in the paper, the attendance note and the letter must be treated as confidential by members of the SPL and should not be distributed or copied to anyone who is not a member of the SPL nor should they be published in whole or in part in any other way to or for the benefit of anyone who is not a member of the SPL without the permission of a member of the Executive Committee.Download - (requires membership login)