UK Secondary Capital Raising Review바카라 사이트�
The UK Secondary Capital Raising Review, led by Mark Austin, was launched on 12 October 2021 to look into improving further capital raising processes for publicly traded companies in the UK.
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On 12 October 2021, the Treasury appointed Mark Austin as independent chair of the UK Secondary Capital Raising Review, tasked with making recommendation on how further capital raising processes by companies that are already listed could be made more efficient.
Mr Austin published the outcome of his review on 19 July 2022, making a series of recommendations to the 바카라 사이트, Financial Conduct Authority (FCA) and the Pre-Emption Group (PEG). His key recommendations included:
- Protecting the rights of existing shareholders by maintaining and enhancing the UK pre-emption regime.
- Reducing regulatory involvement in fundraisings, including by raising the threshold at which a prospectus should be required for a further issuance, removing the requirement for a sponsor to be appointed by an issuer, and reconsidering the FCA바카라 사이트檚 approach to working capital statements.
- Making existing fundraising structures quicker and cheaper by making changes to the Companies Act.
- Increasing the range of choice of fundraising structures for companies, including by replicating the key principles and structure of Australian offer processes for smaller fundraisings.
- Establishing the Digitisation Taskforce to drive forward the modernisation of the UK바카라 사이트檚 shareholding framework.
The Chancellor has accepted all the recommendations made to the 바카라 사이트, and has appointed Sir Douglas Flint to chair a new Taskforce to consider the digitisation of shareholdings.
Alongside this, the and have both published statements welcoming Mr Austin바카라 사이트檚 report.
UK Secondary Capital Raising Review (12 October 2021)
Lord Hill바카라 사이트檚 UK Listing Review聽made a series of recommendations to the 바카라 사이트 to help boost the UK as a destination for IPOs and optimise the capital raising process for large and small companies on UK markets. One of those recommendations was to bring together an expert group to look into how further capital raising processes by companies that are already listed can be made more efficient.
On 12 October, the Chancellor announced that Mark Austin would take on the role as the independent chair of the UK Secondary Capital Raising Review, to look into these issues and to make recommendations to the 바카라 사이트.
Mr Austin is바카라 사이트痑 partner바카라 사이트痑t바카라 사이트痶he law firm바카라 사이트疐reshfields Bruckhaus Deringer.바카라 사이트� He is바카라 사이트痑lso바카라 사이트痗hair of the FCA바카라 사이트檚바카라 사이트疞isting Authority Advisory Panel.
Mr Austin is asked specifically to consider:
- Whether the overall duration of the secondary capital raising process can be reduced including, in relation to rights issues, by reducing the period during which shareholders trade their rights.
- Whether new technology can be brought to bear on the process in order to ensure shareholders can receive relevant information rapidly and exercise their rights.
- Other fund-raising mechanisms that may be worth considering in the UK, including the Australian 바카라 사이트楻APIDS바카라 사이트� model as well as structures to facilitate enhanced retail investor participation in capital raisings. It should also consider what barriers, if any, there are to wider adoption.
- Whether the greater transparency around short selling brought in after the financial crisis has benefited the rights issue process (noting the contribution short selling makes to price formation) and whether more can be done.
- Whether there are any other ways of improving the capital raising process by UK publicly traded companies which are consistent with the UK바카라 사이트檚 commitment to high standards.
- Whether any outstanding recommendations from the 2008 바카라 사이트楻ights Issue Review Group바카라 사이트� should be pursued.
The Chancellor has asked Mr Austin to바카라 사이트痳eport back with his recommendations바카라 사이트痠n the spring바카라 사이트痮f 2022.
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