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Divisions and committees
Equity Capital Markets
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Equity Capital Markets
The Equity Capital Markets (ECM) Division works to promote efficient and coordinated equity-raising transactions in Europe and to develop good practice.
Overview
The ECM Division advocates proportionate regulation, which is necessary to preserve flexibility for issuers, their corporate advisers and underwriters whilst ensuring fairness for shareholders and investors. AFME staff work with teams of experts from member firms on projects ranging from informal discussion groups to formal responses to government consultations.
Priorities
Providing members with a forum to discuss industry issues and concerns.
Eliminating the inefficiencies in market practice and regulation that increase cost and impede capital formation.
Facilitating the development of good practice, industry standards and form documentation.
Contributing industry expertise to informed debates about regulation.
Serving as a resource to help policy makers, media and individuals understand equity capital markets.
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Key Documents
Standard Forms and Documents
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Standard Forms and Documents
Consumer Duty: Equity Capital Markets protocol on material influence
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AFME Narrative Template for ECM Allocations
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Model ECM Block Trade Agreement (Backstop)
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Model ECM Block Trade Agreement (Without backstop)
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Model Agreement Among Underwriters (Equities – Updated for Brexit – Reflecting relevant UK and EU legislation)
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Model Confidentiality Agreement for Block Trades
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Model Confidentiality Agreement for Listed Issuers
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AFME - Model ECM Research Guidelines
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Industry Guidelines (relating to UK IPO reform)
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Industry Guidelines (relating to UK IPO reform)
20 December, 2018
Q&A in relation to COBS 11 A
This Q&A relates to the FCA COBS 11 rules governing UK IPOs, which came into force on 1 July 2018. It should be read in conjunction with the AFME-Euro IRP process document and guidelines for unconnected analysts seeking to access information on prospective issuers.”
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Note on the verification of unconnected analysts in UK IPOs
This note sets out a protocol that joint global co-ordinators (under the UK IPO Rules – COBS 11A.1.4 – introduced on 1 July 2018) may choose to adopt in order to document the process by which they verify that persons that register their interest in accessing issuers ahead of UK IPOs are bona fide unconnected analysts. It should be read in conjunction with AFME’s record keeping protocol for banks in relation to COBS 11A.1.4.
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19 September, 2018
Record keeping protocol for banks in relation to COBS 11A.1.4.
The new UK IPO rules (FCA COBS 11A.1.4) came into force on 1 July 2018 and the protocol sets out a suggested approach to record-keeping by banks in relation to unconnected analysts having an opportunity to be in communication with the issuer team as required by COBS 11A.1.4. It should be read in conjunction with the AFME-Euro IRP process document and guidelines for unconnected analysts seeking to access information on prospective issuers.
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17 August, 2018
Process document and guidelines for unconnected analysts seeking to access information on prospective issuers
This relates to the UK IPO rules (FCA COBS 11A.1.4A-F), which came into force on 1 July 2018. It sets out a process by which issuers/banks can facilitate access for unconnected analysts to prospective issuers. It also includes guidelines for unconnected analysts gaining access to companies undertaking an IPO to sign.
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31 July, 2018
Note on the Scope of Application of the UK Financial Conduct Authority’s Conduct of Business Sourcebook (COBS) 12.2.21A
This note covers the scope of FCA COBS 12.2.21A (which came into force on 1 July 2018) relating to the identification and management of conflicts of interest affecting financial analysts in the context of investment banking activities.
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6 August, 2018
Q&A in relation to COBS 12.2.21AG
This Q&A relates to the FCA COBS 12.2. guidance on the MiFID II provisions, which govern the identification and management of conflicts of interest. This guidance affectsfinancial analysts in the context of investment banking activities such as participating in pitches for new business. The Q&A was prepared following discussions with the FCA and addresses certain commonly asked questions in relation to the practical implementation of the FCA’s guidance.
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Industry Guidelines (General)
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Industry Guidelines (General)
6 June, 2023
AFME Working Group on EU MiFID II Product Governance Regime: Equity Capital Markets transactions protocol for Ordinary Shares
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6 June, 2023
The MiFID II product governance (PG) and Packaged retail investment and insurance products Regulation (PRIIPs) regimes: An approach for the Equity-Linked markets
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4 April, 2019
Q&A for issuers on steps to enable certain ECM mandates to continue seamlessly in the event of a “no deal” Brexit
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AFME Selling Restrictions for Equity Transactions (January 2021)
Updated for use following the end of the implementation period related to the UK’s withdrawal from the EU”.
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19 December, 2017
Note on Application of the MiFID II Allocation and Product Governance requirements to global Equity Capital Markets deals
This note has been developed to assist firms involved in cross border equity capital markets deals in relation to the allocation and/or product governance requirements under MiFID II.
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18 December, 2017
Guidance Note on Allocation Record Keeping Requirements for Equity Capital Markets
This guidance note has been developed to assist firms in relation to the allocation record keeping requirements for equity capital markets transactions under MiFID II Articles 16 and 23, Delegated Regulation (EU) 2017/565 Articles 38-41 and the associated ESMA Q&A.
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14 March, 2016
Block Trade Procedures – Volcker Rule/Investment Company Act
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7 February, 2014
Block Trade Lock-Ups Guidelines for Increased Transparency
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11 October, 2013
Model ECM Block Trade Agreements - explanatory memo
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Consultation Responses
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Consultation Responses
12 January 2024
AFME Response to HMT Consumer Composite Investments (Designated Activities) Regulations 2024 Statutory Instrument
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27 May, 2021
AFME response to the FCA’s consultation on SPACs
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January, 2021
AFME and UK Finance response to Lord Hill’s consultation on the UK Listing Regime
This response proposes key changes to the UK Listing Regime that we believe will promote a competitive market while retaining high standards of governance, transparency and shareholder protection.
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27 October 2020
AFME’s response to the Financial Conduct Authority’s consultation on proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations
Consultation Response
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27 September, 2018
AFME response to the Financial Conduct Authority Call for Input: PRIIPs Regulation – initial experiences with the new requirements (published in July 2018)
AFME response to the Financial Conduct Authority Call for Input: PRIIPs Regulation – initial experiences with the new requirements (published in July 2018): AFME’s response (dated 27 September 2018) refers to, and should be read in conjunction with, its commentary on the considerations set out in the Annex to the European Supervisory Authorities’ 19 July letter to the European Commission. Also attached to the response is a document entitled Impact of PRIIPS on Retail Activity in Corporate Bonds, dated March 2018.
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commentary on the considerations set out in the Annex to the European Supervisory Authorities’ 19 July letter to the European Commission
Supplementary to AFME response to the Financial Conduct Authority Call for Input: PRIIPs Regulation
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March, 2018
Impact of PRIIPS on Retail Activity in Corporate Bonds
Attached to AFME’s response to the Financial Conduct Authority’s consultation on proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations
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15 October, 2018
AFME response to the Department for Business, Energy and Industrial Strategy (BEIS) consultation on national security and investment
The response is dated 15 October 2018. It refers to, and should be read in parallel with, BEIS’s white paper on proposed legislative reforms in relation to National Security and Investment.
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July, 2018
BEIS’s white paper on proposed legislative reforms in relation to National Security and Investment
Should be read in parallel with AFME response to the Department for Business, Energy and Industrial Strategy (BEIS) consultation on national security and investment
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Briefing Notes
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Briefing Notes
6 April, 2020
AFME Note on ECM Book Building Communications
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15 April, 2019
U.S. QFC Stay Rules – Impact on Equity Capital Markets Transactions
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15 April, 2019
Practical Effect of the U.S. QFC Stay Rules Express Acknowledgement Language
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Contact
Gary Simmons
Managing Director, High Yield and Equity Capital Markets
[email protected]
+44 (0)20 3828 2723
Oscar Newman
Senior Associate, ECM & High Yield
[email protected]
+44 (0) 203 828 2743
Press Releases
Publications
Consultation Responses
Briefing Notes
Press Releases
Publications
Consultation Responses
Briefing Notes
See all press releases
Press Releases
AFME welcomes FCA's final Listing Rules
11 Jul 2024
Press Releases
AFME and UK Finance jointly respond to HM Treasury’s consultation on the Private Intermittent Securities and Capital Exchange System (PISCES)
18 Apr 2024
Press Releases
AFME welcomes FCA’s Final Report on Wholesale Data Market Study
29 Feb 2024
See all publications
Publications
Developing European Capital Markets in a Period of Geopolitical Changes
11 Sep 2024
Publications
Capital Markets Union Key Performance Indicators – Sixth Edition 2023
9 Nov 2023
Publications
Remaining resilient in turbulent times – steps taken towards competitive capital markets
12 Sep 2023
See all consultation responses
Consultation Responses
AFME Response – ESMA Consultation Package 3 – Section 2 (Introduction), Section 3 (Technical advice), Section 4 (RTS 1), Section 8 (Input/output data), Section 9 (RTS 2)
10 Oct 2024
Consultation Responses
AFME MiFIR Review - CP on Technical Standards related to Consolidated Tape Providers and DRSPs, and assessment criteria for the CTP selection procedure
28 Aug 2024
Consultation Responses
AFME and UK Finance response to HMT’s Private Intermittent Securities and Capital Exchange System (PISCES)
22 Apr 2024
See all briefing notes
Briefing Notes
A Cross-Industry Consensus on the EU Equity Consolidated Tape Proposal Statement of Principles
29 May 2022
Briefing Notes
Summary of recommendations EU Listing Act
11 Mar 2022
Briefing Notes
AFME Letter to ECOFIN - Promoting EU Competitiveness in the MiFIR Review & CMU agenda
23 Feb 2022