Regulatory Alerts2019-06-25
Added · Updated
PS19/28: Proxy Advisors (Shareholders’ Rights) Regulations Implementation (DEPP and EG)
The Financial Conduct Authority amends the Decision Procedure and Penalties manual (DEPP) and the Enforcement Guide (EG) to implement the Proxy Advisors (Shareholders’ Rights) Regulations 2019. The changes establish decision-making procedures for imposing public censures, financial penalties, and restitution requirements on proxy advisors, utilizing the Regulatory Decisions Committee for contested cases and executive procedures for settled matters or removal from the public list. A new section EG 19.37A is added to mirror existing FSMA enforcement approaches for investigations and sanctions. These made rules come into force on 25 November 2019.
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