Paul Anderson

Squire Patton Boggs

Paul Anderson has specialised in financial services matters for over fifteen years. His particular expertise covers a range of retail and wholesale financial services businesses including clients from the banking, investment management, insurance, building society, broker dealer and IFA sectors as well as intermediaries in the energy, investment and insurance sectors.

Paul was previously International Counsel at Prudential Bache, the UK investment business of Prudential Financial, Inc., where he supported the investment management, stock broking and commodity trading parts of the business in the UK and European branches in the Netherlands and Belgium.

Practice Area

Share Incentives

Panel

Contributing Author

Qualified Year

1997

Education

College of Law, York, L.P.C., 1995
Newcastle University, LL.B., Honors, 1993

1 Contributions by Paul Anderson

PRACTICE NOTES

Share-based incentives for non-executive directors under FSMA 2000: General Prohibition, Financial Promotion Restriction and key exemptions

It is routine for employees, particularly executive directors, to receive awards over shares. A series of exemptions permits these grants to be made without infringing the Financial Services and Markets Act 2000 (FSMA 2000). By contrast, providing share awards to people who are not employees, such as non-executive directors, is more complex because several of those carve-outs do not apply... This Practice Note highlights the FSMA 2000 considerations when granting share awards or options to non-employees and maps out potential ways through each. As the most suitable route turns on the facts of the case, it is for the practitioner to determine whether, in their situation, the proposal might fall outside the scope of the relevant prohibition. For guidance on other, non-FSMA 2000 matters arising when granting such awards to non-executive directors, see Practice Note: Shares for non-executive directors—issues and considerations... FSMA 2000 contains two key provisions which are relevant for incentive plans. These are: (1) the prohibition on any person carrying out a regulated activity other than an authorised or exempt person (the ‘General Prohibition’)... (2) the restriction on communicating an invitation or inducement, in...

Share Incentives

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