Reflexiones sobre el nuevo marco regulador de los mercados secundarios en el Reino Unido

In 2023, the UK will witness significant changes in capital market regulation. Notable projects include the Secondary Capital Raising Review, UK Prospectus Regime Review, Listing Regime Reform, and Regulatory Framework Review. The Secondary Capital Raising Review focuses on rapid, flexible, and inclusive proposals, emphasizing the maintenance and strengthening of pre-emption rights. It aims to streamline regulations, reducing the need for prospectuses and shortening the offer period. Enhanced reporting duties post-transaction are expected to increase attention from issuers and advisors on shareholder expectations. The UK Prospectus Regime Review aims to create a dynamic prospectus system, while the Listing Regime Reform seeks to unify premium and standard listing segments. The Financial Services and Markets Bill 2022/23 is a key document driving these changes, eliminating post-Brexit transitional application of EU financial services provisions. Additionally, efforts to restore trust in audit and corporate governance involve the creation of the Audit, Reporting, and Governance Authority (ARGA). This includes reforms for large non-listed companies and aims to strengthen governance through the ARGA's oversight. The ARGA's role extends to auditing, corporate reporting, and governance, with a focus on quality, competition, and leadership in public local audits. The government also addresses weaknesses in internal controls and emphasizes the role of the UK approach to corporate governance. The proposed changes encourage investor engagement and accountability, particularly in assessing the effectiveness of internal control systems.