Equity Capital Markets

This Q&A relates to the FCA COBS 11 rules governing UK IPOs, which came into force on 1 July 2018. It should be read in conjunction with the AFME-Euro IRP process document and guidelines for unconnected analysts seeking to access information on prospective issuers.”

This note sets out a protocol that joint global co-ordinators (under the UK IPO Rules – COBS 11A.1.4 – introduced on 1 July 2018) may choose to adopt in order to document the process by which they verify that persons that register their interest in accessing issuers ahead of UK IPOs are bona fide unconnected analysts. It should be read in conjunction with AFME’s record keeping protocol for banks in relation to COBS 11A.1.4.

The new UK IPO rules (FCA COBS 11A.1.4) came into force on 1 July 2018 and the protocol sets out a suggested approach to record-keeping by banks in relation to unconnected analysts having an opportunity to be in communication with the issuer team as required by COBS 11A.1.4. It should be read in conjunction with the AFME-Euro IRP process document and guidelines for unconnected analysts seeking to access information on prospective issuers.

This relates to the UK IPO rules (FCA COBS 11A.1.4A-F), which came into force on 1 July 2018. It sets out a process by which issuers/banks can facilitate access for unconnected analysts to prospective issuers. It also includes guidelines for unconnected analysts gaining access to companies undertaking an IPO to sign.

This note covers the scope of FCA COBS 12.2.21A (which came into force on 1 July 2018) relating to the identification and management of conflicts of interest affecting financial analysts in the context of investment banking activities.

This Q&A relates to the FCA COBS 12.2. guidance on the MiFID II provisions, which govern the identification and management of conflicts of interest. This guidance affectsfinancial analysts in the context of investment banking activities such as participating in pitches for new business. The Q&A was prepared following discussions with the FCA and addresses certain commonly asked questions in relation to the practical implementation of the FCA’s guidance.

This memorandum sets out steps which firms can use to meet their principal UK product governance obligations and is designed to be used periodically by committees comprising ECM and Sales & Trading business/legal/compliance teams and commitment committee personnel. The memorandum covers ECM transactions in ordinary shares which are, or will be, admitted to trading on a regulated market.

Updated for use following the end of the implementation period related to the UK’s withdrawal from the EU”.

This memorandum sets out steps which firms can use to meet their principal product governance obligations under MiFID II and is designed to be used periodically by committees comprising ECM and Sales & Trading business/legal/compliance teams and commitment committee personnel. The memorandum covers ECM transactions in ordinary shares which are, or will be, admitted to trading on a regulated capital market.

This note has been developed to assist firms involved in cross border equity capital markets deals in relation to the allocation and/or product governance requirements under MiFID II.

This guidance note has been developed to assist firms in relation to the allocation record keeping requirements for equity capital markets transactions under MiFID II Articles 16 and 23, Delegated Regulation (EU) 2017/565 Articles 38-41 and the associated ESMA Q&A.

This response proposes key changes to the UK Listing Regime that we believe will promote a competitive market while retaining high standards of governance, transparency and shareholder protection.

Consultation Response

AFME response to the Financial Conduct Authority Call for Input: PRIIPs Regulation – initial experiences with the new requirements (published in July 2018): AFME’s response (dated 27 September 2018) refers to, and should be read in conjunction with, its commentary on the considerations set out in the Annex to the European Supervisory Authorities’ 19 July letter to the European Commission. Also attached to the response is a document entitled Impact of PRIIPS on Retail Activity in Corporate Bonds, dated March 2018.

Supplementary to AFME response to the Financial Conduct Authority Call for Input: PRIIPs Regulation

Attached to AFME’s response to the Financial Conduct Authority’s consultation on proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations

The response is dated 15 October 2018. It refers to, and should be read in parallel with, BEIS’s white paper on proposed legislative reforms in relation to National Security and Investment.

Should be read in parallel with AFME response to the Department for Business, Energy and Industrial Strategy (BEIS) consultation on national security and investment