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George Marshall

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George is a partner in the Corporate Finance practice group in London. George's practice is focused on equity securities offerings of all types, as well as mergers and acquisitions, corporate advisory and general corporate work across a number of industry sectors in both mature and emerging markets. He regularly advises a range of corporate and investment bank clients and his industry sector focus is financial institutions. George is ranked in the UK’s Legal 500 2023 as a “Next Generation Partner” (Mid-Large Cap, Equity Capital Markets) and noted for his experience on transactions in the GCC and “detailed knowledge of the Middle East”. He is recommended in particular as “excellent on Saudi deals” (UK Legal 500 2021). George has experience of working in both London and Hong Kong for a variety of clients across EMEA (particularly in the Middle East) and Asia Pacific. He also has broad capital markets experience across a range of listing venues, including London, Riyadh and Hong Kong.

The FRC has published the revised version of the UK Corporate Governance Code. As flagged in its policy update statement in November, the revised Code makes much more limited changes than those proposed in the FRC’s initial consultation paper from May 2023. The majority of changes will take effect for financial years beginning on or after 1 January 2025, with the exception of revised Provision 29, which will take effect a year later. The FRC has published updated guidance to sit alongside the revised Code.

The FCA has published a consultation paper (CP23/31) setting out detailed proposals for the major listing rules reforms that it proposed in May this year. It describes the reforms as “the most far-reaching reforms of the UK’s listing regime in three decades” and the paper attaches in a lengthy appendix the draft text of many of the proposed new listing rules (the first of two tranches).

The FRC has published a consultation paper proposing changes to the UK Corporate Governance Code. The changes are partly in response to the Government’s May 2022 response white paper “Restoring trust in audit and corporate governance: government response” and, unlike the wide-ranging changes in 2018, are technical rather than structural. The deadline for responses is Wednesday 13 September 2023 and the intention is for the revised Code to apply to financial years starting on or after 1 January 2025.

The FCA has published a consultation paper (CP23/10) proposing major changes to the listing rules. The deadline for responses is Wednesday, 28 June 2023 and the FCA expects to publish a further consultation “in the autumn” which will include the proposed revised listing rules in full (the current consultation discusses the changes proposed but not specific drafting). The proposals relate to the rules as they apply to listings of equity shares in commercial companies, with no material changes currently proposed to the rules as they apply to non-equity securities nor the majority of other standard listed instruments (e.g., depositary receipts).