Related provisions for GENPRU 2.2.67
1 - 20 of 29 items.
A circular need not be sent to holders of listed securities where that listing is intended to be cancelled, and the prior approval of the holders of those securities in a general meeting need not be obtained, when, in the case of a takeover offer:(1) the offeror has by virtue of its shareholdings and acceptances of the offer, acquired or agreed to acquire issued share capital carrying 75% of the voting rights of the issuer; and(2) the offeror has stated in the offer document or
In the circumstances of LR 5.2.10 R, the company must notify the security holders that the required 75% has been attainedand that the notice period has commenced and of the anticipated date of cancellation or the explanatory letter or other material accompanying the section 429notice must state that the notice period has commenced and the anticipated date of cancellation.
(1) A share is not redeemable for the purposes of this section merely because the Companies Act 1985 or the Companies (Northern Ireland) Order 1986 allows the firm that issued it to purchase it.(2) A capital instrument is not redeemable for the purposes of this section merely because the firm that issued it has a right to purchase it similar to the right in (1).
A firm may not include a share in its tier one capital resources unless (in addition to complying with the other relevant rules in GENPRU 2.2):(1) (in the case of a firm that is a company as defined in the Companies Act 1985 or the Companies (Northern Ireland) Order 1986)it is "called-up share capital" within the meaning given to that term in that Act or, as the case may be, that Order; or(2) (in the case of a building society) it is a "deferred share" as defined in the Building
Permanent share capital means an item of capital which (in addition to satisfying GENPRU 2.2.64 R) meets the following conditions:(1) it is:(a) an ordinary share; or(b) a members' contribution; or(c) part of the initial fund of a mutual; (2) any coupon on it is not cumulative, the firm is under no obligation to pay a coupon in any circumstances and the firm has the right to choose the amount of any coupon that it pays; and(3) the terms upon which it is issued do not permit redemption
Without prejudice to GENPRU 2.2.62 R (Tier one capital: General), the item other reserves (which forms part of the item profit and loss and other reserves) applies to a BIPRU firm that is a partnership or a limited liability partnership to the extent the reserves correspond to reserves that are eligible for inclusion as other reserves in the case of a BIPRU firm that is incorporated under the Companies Act 1985 or the Companies (Northern Ireland) Order 1986.
(1) A firm must include share premium account relating to the issue of a share forming part of its core tier one capital in its core tier one capital.(2) A firm must include share premium account relating to the issue of a share forming part of another tier of capital in that other tier.(3) A firm that is incorporated under the Companies Act 1985 or the Companies (Northern Ireland) Order 1986may include its share premium account as core tier one capital notwithstanding (2) to
(1) Section 420(1) of the Act (Parent and subsidiary undertaking) states that, except in relation to an incorporated friendly society, 'parent undertaking' and 'subsidiary undertaking' have the same meaning as in Part VII of the Companies Act 1985 or Part VIII of the Companies (Northern Ireland) Order 1986. These are the cases referred to in COND 2.3.7 G (1)(a) to (f).(2) Section 420(2) of the Act supplements these definitions in two ways; these are the cases referred to in COND
The guidance in COND 2.3 is not comprehensive and is not a substitute for consulting the relevant legislation, for example the Companies Act 1985, the Companies (Northern Ireland) Order 1986, the Friendly Societies Act 1992 and the Seventh Company Law Directive, or obtaining appropriate professional advice.
A listedcompany must ensure that a proxy form:(1) is sent with the notice convening a meeting of holders of listedshares to each person entitled to vote at the meeting;(2) provides for at least two-way voting on all resolutions intended to be proposed (except that it is not necessary to provide proxy forms with two-way voting on procedural resolutions);(3) states that a shareholder is entitled to appoint a proxy of his own choice and that it provides a space for insertion of the
Where a listedcompany has taken a power in its constitution to impose sanctions on a shareholder who is in default in complying with a notice served under section 212 of the Companies Act 1985 (Company investigations):(1) sanctions may not take effect earlier than 14 days after service of the notice;(2) for a shareholding of less than 0.25% of the shares of a particular class (calculated exclusive of treasury shares), the only sanction the constitution may provide for is a prohibition
LR 9.3.11 R does not apply if:(1) a generaldisapplication of statutory pre-emption rights has been authorised by shareholders in accordance with section 95 of the Companies Act 1985 (Disapplication of pre-emption rights) and the issue of equity securities or sale of treasury shares that are equity shares by the listed company is within the terms of the authority; or(2) the listed company is undertaking a rights issue or open offer andthe disapplication of pre-emption rights is
If an auditor is to carry out his duties properly, he needs to be independent of the firm he is auditing, so that he is not subject to conflicts of interest. Many firms are also subject to requirements under the Companies Act 1989, the Building Societies Act 1986 or the Friendly Societies Act 1992 on auditor's independence.
A circular relating to a resolution proposing to grant the directors' authority to allot relevant securities must include:(1) a statement of the maximum amount of relevant securities which the directors will have authority to allot and the percentage which that amount represents of the total ordinary share capital in issue (excluding treasury shares) as at the latest practicable date before publication of the circular;(2) a statement of the number of treasury shares held by the
The issuer must also include with a request to cancel the listing of its securities the following:(1) if the cancellation is to take effect after the completion of the compulsory acquisition procedures under Part XIIIA of the Companies Act 1985, a copy of the notice sent to dissenting shareholders of the offeree together with written confirmation that there have been no objections made to the court within the prescribed period;(2) for a cancellation referred to in LR 5.2.10 R
The steps that the FSA expects a firm to take to comply with SUP 11.4.10 R include, if applicable:(1) monitoring its register of shareholders (or equivalent);(2) monitoring notifications to the firm in accordance with Part VI of the Companies Act 1985;(3) monitoring public announcements made under the relevant disclosure provisions of the Takeover Code or other rules made by the Takeover Panel;2(4) monitoring the entitlement of delegates, or persons with voting rights in respect
(1) To be listed, securities must be freely transferable.
[Note: articles 46, 54 and 60 CARD](2) To be listed, shares must be fully paid and free from
all liens and from any restriction on the right of transfer (except any restriction
imposed for failure to comply with a notice under section 212 of the Companies Act 1985 (Company
investigations)).
Before a firm, to which SUP 3.3.2 R applies, appoints an auditor, it must take reasonable steps to ensure that the auditor has the required skill, resources and experience to perform his functions under the regulatory system and that the auditor:(1) is eligible for appointment as an auditor under Part II of the Companies Act 1989 or Part III of the Companies (Northern Ireland) Order 1990 (Eligibility for appointment) respectively; or (2) if appointed under an obligation in another
(1) If a listed company makes an open offer, placing, vendor consideration placing, offer for subscription of equity shares or an issue out of treasury of a class already listed, the price must not be at a discount of more than 10% to the middle market price of those shares at the time of announcing the terms of the offer or at the time of agreeing the placing (as the case may be).(2) In paragraph (1), the middle market price of equity shares means the middle market quotation
(1) If an issuer is required to prepare consolidated accounts, the financial statements must be audited in accordance with Article 37 of the Seventh Council Directive 83/349/EEC.(2) If an issuer is not required to prepare consolidated accounts the financial statements must be audited in accordance with Articles 51 and 51a of the Fourth Council Directive 78/660/EEC.(3) The audit report, signed by the person or persons responsible for auditing the financial statements must be disclosed
Article 59 is capable of applying to financial promotions in company statements and briefings where they are accompanied by:(1) the whole or any part of the annual accounts of the company (provided it is not an open-ended investment company); or(2) any report prepared and approved by the directors of such a company under section 234 and 234A of the Companies Act 1985 or corresponding legislation in Northern Ireland or in another EEA State.In this respect, the FSA considers that
(1) For the certificates to be listed, the securities which the certificates represent must be freely transferable. [Note: Articles 46, 54 and 60 CARD](2) For the certificates to be listed, the securities which the certificates represent must be fully paid and free from all liens and from any restriction on the right of transfer (except any restriction imposed for failure to comply with a notice under section 212 of the Companies Act 1985 (Company investigations))