Part 23 – Public Offers of Securities, Financial Reporting by Traded Companies, Preventions of Market Abuse

4 Chapters – Sections 1348 – 1384

Chapter Overview

Chapter 1 – Public offers of securities

Chapter 2 – Market abuse

Chapter 3 – Requirement for corporate governance statement and application of certain provisions of Parts 5 and 6 where company is a traded company

Chapter 4 – Transparency requirements regarding issuers of securities admitted to trading on certain markets

Part Summary

An understanding of the statutory framework around publicly traded companies.

What is new?

The statutory provisions are now housed in a standalone section under the Act. These include prospectus law, market abuse law, transparency law and the consequences of breaching these laws.

What is different?

This Part largely re-enacts current law. It sets down the requirement for corporate governance statements for publicly traded companies.

What are the Keys Points?

• The relevant law has been set down in one place

What do accountants need to do?

Accountants with publicly traded clients should be fully conversant with the relevant law and should take the opportunity to undertake CPD in any areas which might require up-skilling. They should make sure clients are aware of offences and penalties arise from them.

What do companies need to do?

Publicly traded companies should engage with their advisors to ensure procedures are fit for purpose and the relevant laws are being fully complied with. They should be aware of any obligations in relation to directors’ compliance statement.