
Current Work


The QCA is currently working on a number of important issues for smaller quoted companies, including:
- Prospectus Directive and Rights Issues - Lobbying the European Commission to increase the annual amount companies can raise without having to issue a prospectus and removing the need for a full prospectus for rights issues.
- The Financial Reporting Council's review of the Combined Code and the Walker review of corporate governance in UK banks - Making sure that any new governance requirements resulting from the financial crisis are not 'knee-jerk' reactions and not overly burdensome for small and mid-cap quoted companies.
- Venture Capital Trust (VCT) scheme - Lobbying the UK Government to increase the size of company that VCTs can invest in and to allow them to invest in the secondary market.
- Climate Change Act - Ensuring that SQCs are not initially captured by mandatory emissions reporting.
- IASB governance and consultation due process - Lobbying the IASB to undertake due process in consultations and take consideration of the cost/benefit of changes to standards, especially for SQCs.
- Suitability of Companies for Markets - Producing a new guidance booklet for companies looking to come to market that outlines what aspects they should strive to have to attract investment and have a successful listing.
For more about each committee's current activities, click on the name below to show and hide information:
Corporate Governance Committee
The Corporate Governance Committee has started work on updating the QCA's Corporate Governance Guidance Booklets, including Guidance for Smaller Quoted Companies: The Combined Code for Corporate Governance and the Corporate Governance Guidelines for AIM Companies. The Committee is updating the guidelines to reflect the changes being proposed by the Financial Reporting Council (FRC) in its consultation on the Revised UK Corporate Governance Code (Combined Code). The Committee will also be submitting a response to the FRC's consultation.
Committee members have also submitted a response to Auditing Practices Board's Consultation on Audit Firms Providing Non-Audit Services.
The next Corporate Governance Committee meeting is Tuesday 16 March 2010, with Chris Hodge from the Financial Reporting Council in attendance.
Financial Reporting Committee
Committee members met with David Tyrrall of the Department of Business, Innovation and Skills (BIS) at the January meeting to discuss BIS's involvement in the Accounting Standard Board's new consultation, 'The future of UK GAAP', which proposes fully replacing UK GAAP with IFRS. The committee is in the process of submitting its response to this consultation.
The Committee has produced a QCA Corporate Reporting Charter that outlines their principles and lobbying priorities and will be published shortly.
Committee members are reviewing the IASB's newly released accounting standard, IFRS for SMEs, to see if it may be suitable to lobby for smaller quoted companies to be able to use the standard instead of full IFRS.
The committee recently submitted its response to the International Accounting Standards Committee (IASC) Foundation's Part Two of the Constitution Review - Proposals for Enhanced Public Accountability, and it is currently working on a response to the IASB's Exposure Draft - Management Commentary.
The next Financial Reporting Committee meeting is Tuesday 23 February 2010.
Legal Committee
Representatives from the Legal Committee went to Brussels in November 2009 to meet with representatives from the European Commission to discuss the Prospectus Directive review, in particular the proposals for a proportionate disclosure regime for smaller companies and rights issues. The Committee is currently considering how to lobby on extending the proposals to companies on exchange regulated markets and will be meeting with HM Treasury on Wednesday 17 February 2010 to discuss this.
The Committee has also been exploring how the new Standard Listing option will impact on AIM as an IPO destination.
The next Legal Committee meeting is Thursday 25 February 2010.
Markets and Regulations Committee
Committee members met with Sarah Wilson of Manifest, a proxy voting agency, at the January meeting to discuss current market issues that they are experiencing and to learn more about what Manifest does.
Committee members have also been reviewing the proposals for the Prospectus Directive review.
The Committee has recently responded to the Takeover Panel Consultation Paper on Amendments to Rule 5.2 (c)(iii).
The next Markets and Regulations Committee meeting is Wednesday 10 February 2010, with Gilliam Walmsley from the London Stock Exchange in attendance to discuss the new UK Retail Bond Market.
Corporate Finance Advisors Committee
At the January meeting, the NOMAD Committee changed its name to the 'Corporate Finance Advisors Committee' in order to better reflect its representation of corporate finance issues on all markets for smaller quoted companies.
The Committee is currently producing a guide for companies seeking a listing that highlights key features that they should strive to have in order to attract investment.
The next Corporate Finance Committee meeting is Wednesday 18 March 2010.
Share Schemes Committee
The Committee has suggested that the playing field between companies on the Main List and AIM be levelled with regard to receiving corporation tax relief for gains realised by their employees when they exercise their options - Currently, in a takeover situation, companies on the Main List automatically receive this, while AIM companies have to accelerate arrangements. The Committee is currently discussing this issue with HMRC.
The Committee has updated the QCA's series of guides on Employee Share Schemes. The updated guides have been published and are available for order by clicking here.
The next Share Schemes Committee meeting is Monday 15 February 2010.
Tax Committee
At the November 2009 meeting, Committee members discussed the QCA Budget Representations for 2010 with Ajit Philpose of HMRC.
The Committee is currently reviewing HMRC's Venture Capital Schemes Consultation on draft legislation changes to secure EU State Aid approval and changing the qualifying company size definition to the EU's 'small enterprise' definition. Committee members are also reviewing the upcoming mandatory electronic filing of corporate tax returns and how they can further educate QCA Corporate Members about these changes.
The next Tax Committee meeting is Wednesday 31 March 2010.
You can also find out more about the QCA's position on specific issues, by visiting our Consultation Responses page.
Page Last Updated: 02.02.2010
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