City unites against UK listing proposal October 14, 2010 THE City has roundly rejected the government’s proposal to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) saying such a move would serve to fragment the regulation of the investment market and hurt investors and issuers. The proposal to merge the UKLA was put forward as part of the government’s consultation [...]
FSA to keep its financial crime powers November 17, 2010 GEORGE Osborne has performed a U-turn over a landmark policy, which would have seen the FSA stripped of its power to prosecute financial crime and its oversight of companies listing on the stock exchange. The chancellor had previously said he would give the FSA’s prosecution powers to a new Economic Crime Agency (ECA), which is [...]
IoD slates regulation plan September 28, 2010 THE Institute of Directors (IoD) yesterday became the latest organisation to join the London Stock Exchange (LSE) in opposing the merger of the Financial Reporting Council and the UK Listing Authority (UKLA). In a statement, Miles Templeman, director-general of the IoD, said it made no “sense to leave the UKLA separate from the body [the [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
Stewardship Code to face a final hurdle September 19, 2010 THE GOVERNMENT’S new best practice rules for shareholders face a crucial period this week, as the last batch of institutional investors declare their support for the guidelines. The Financial Services Authority (FSA) is also due to report on its two-month consultation into the Stewardship Code, which aims to help institutional shareholders keep a closer eye [...]
Plans to reform the tripartite system have opened a new can of worms September 14, 2010 WHEN George Osborne set about dismantling the tripartite regulatory system, he said the reforms would help prevent another banking crisis. But his decision to hand responsibility for the UK listing authority (UKLA) to the Financial Reporting Council (FRC) could end up causing even bigger problems. The FRC is controlled by Vince Cable’s business department, whereas [...]
Shareholders urged to sign up to new Stewardship Code September 15, 2010 SPEAKERS at the ABI’s investment conference yesterday urged company shareholders to sign up to the government’s new Stewardship Code, arguing that improving the long-term attitude of investors is crucial in order to hold at bay radical changes to governance regulation at a European level. Peter Montagnon, who left the ABI earlier this year to become [...]
UKLA endorsed by City as consultation winds up October 18, 2010 THE UK Listing Authority (UKLA) received backing from the City yesterday, just as the government consultation on its future closed. The Listing Authority Advisory Committee (LAAC), the body which represents the investment community in its dealings with the UKLA, said overall satisfaction with the authority had risen to 72 per cent compared to 69 per [...]
LSE warns on City threat September 13, 2010 THE London Stock Exchange (LSE) yesterday made public its opposition to government proposals to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) arguing the move would deny the City a voice in Europe, reduce the capital’s competitiveness and ultimately cost jobs. “We care deeply about the competitiveness of the UK’s IPO [...]