Walker Guidelines meaning

In this issue Equity capital markets Accounts and records Corporate governance Environmental, social and governance issues Daily and weekly news alerts Dates for your diary Trackers Useful information Corporate Highlights 2024/2025 Equity capital markets PISCES: FCA consults on framework for regulated trading platform for private company shares The Financial Conduct Authority (FCA) has issued consultation paper CP24/29 inviting views on a draft regulatory regime for the Private Intermittent Securities and Capital Exchange System (PISCES), a new platform intended to enable periodic trading of private company shares via market infrastructure. Comments close on 17 February 2025. HM Treasury plans to lay a statutory instrument before Parliament by May 2025 to establish the legal basis for the PISCES Sandbox, and the FCA expects to publish its final rules soon afterwards. See: LNB News 17/12/2024 49. Listing Regime: FCA publishes Primary Market Bulletin 53 with associated consultation and finalised guidance The FCA has released Primary Market Bulletin...

In this issue: Corporate governance Private equity Members Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC launches consultation on revisions to Going Concern guidance The Financial Reporting Council (FRC) has opened a consultation on updates to its guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks. When finalised, the new guidance will replace the version issued in 2016. The draft aims to support companies in producing high-quality, company-specific disclosures on their going concern conclusions and the rationale behind them. The guidance will be non-mandatory, intended as a practical and proportionate aid for all UK companies within scope. The consultation closes on 28 October 2024, and the FRC expects to publish the final guidance in early 2025. See: LNB News 06/08/2024 Private equity PERG and BVCA launch consultation to update Walker Guidelines The Private Equity...

This Practice Note briefly outlines the Walker Guidelines on Disclosure and Transparency in Private Equity, in particular, aimed at improving disclosure by certain private equity firms and their large portfolio companies. For further information on private equity firms and funds, see Practice Note: Private equity investment—firms and funds. What are they and why were they introduced? In February 2007, the British Private Equity and Venture Capital Association (BVCA) commissioned Sir David Walker to conduct an independent review of the overall adequacy of disclosure and transparency in private equity, with the objective of recommending a set of guidelines for adherence on a voluntary basis by the industry. These were sought by both the BVCA and major private equity firms to enhance stakeholders’ understanding of private equity activities and to address concerns about limited transparency in the sector. In addition, there was a desire to avoid any further formal statutory regulation of the industry. The resulting Guidelines for Disclosure and Transparency in Private Equity were published in November 2007 after...

Traditionally, the UK’s corporate governance system has concentrated on listed companies. A key pillar of that system, the UK Corporate Governance Code (UKCG Code), applies to companies with a listing of equity shares in the equity shares (commercial companies) category, or in the closed-ended investment funds category. However, the good governance principles it advances also matter for other companies, especially AIM companies and large private companies. These organisations may elect to adopt the UKCG Code’s principles and follow a ‘comply or explain’ approach, although there is no obligation to do so, and they may instead select an alternative governance code that better fits their circumstances. A framework designed specifically for large private companies has been taking shape slowly, and in a somewhat ad hoc manner, over many decades. The development of a corporate governance framework for large private companies Companies have been required to prepare a directors’ report for more than a century. Under the Companies Act 2006 (CA 2006), every public and private company—other than...