Legal Updates

Commercial Law – FSA consultation – Company Law - Amendments to Table A

The Financial Services Authority (‘FSA’) recently published its fourteenth Quarterly Consultation inviting comments on various changes to the FSA Handbook, which included small amendments to the Listing Rules as a result of deregulatory changes to the Financial Services and Markets Act 2000 (sections 77, 78, 78A and 88).

These changes would allow the FSA to discontinue or suspend the listing of securities, or to cancel the approval of sponsors, with fewer procedural requirements where the request for discontinuation, suspension or cancellation comes from the issuer or sponsor. The rules affected are:

• LR 5.5.1G
• LR 8.7.22R
• LR 8.7.24R

There are consequential changes to the Decision, Procedure and Penalties manual.

In addition, Table A in the Companies (Tables A to F) Regulations 1985 has been amended with effect from the 1st of October 2007 by the Companies (Tables A to F) (Amendment) Regulations 2007 and the Companies (Tables A to F) (Amendment) (No. 2) Regulations 2007 (Amendment Regulations).

The Amendment Regulations have amended Table A so far as necessary to avoid conflict with the provisions of the Companies Act 2006 that came into force on the 1st of October 2007. The amended Table A applies to companies registered on or after the 1st of October 2007. Any company that has adopted Table A in whole (or in part) before the 1st of October 2007 is not affected unless the members choose expressly to adopt the new amendments.

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© RT COOPERS, 2008. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances.