Tessa Hastie

  1. People /

Tessa Hastie

Tessa Hastie

Lead Knowledge Counsel

  1. People /

Tessa Hastie

Tessa Hastie

Lead Knowledge Counsel

Tessa Hastie

Lead Knowledge Counsel

London

Lead Knowledge Counsel – Corporate

T: +44 (0) 20 3400 4516

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Biography

Tessa is a Lead Knowledge Counsel in the corporate finance group. Her advisory work covers a broad range of corporate law and practice, including equity capital markets, public M&A, market abuse as well as general company constitutional and administration matters. Tessa is also responsible for business development and the development of know-how for our clients.

Admissions

  • England and Wales

Related Practice Areas

  • UK Public Company

Related Insights

Insights
Jan 23, 2024

FRC revises UK Corporate Governance Code

Following the May 2023 consultation on the UK Corporate Governance Code (“Code”), the FRC has published a revised Code. The changes focus primarily on one area - Internal Controls whilst other changes have been kept to a minimum in a move to promote smarter regulation.The 2024 Code will apply to financial years beginning on or after 1 January 2025 save for new Provision 29 (board declaration on effectiveness of their material internal controls) which will apply to financial years beginning on or after 1 January 2026.  Revised guidance on the 2024 Code will be published on 29 January 2024.
Insights
21 December 2023

FCA publishes feedback and transformative proposals for UK listing regime

Following on from the consultation earlier this year, the FCA has published feedback and detailed proposals which will transform the current listing regime. The FCA is proposing to create a single listing category for UK listings of equity shares in commercial companies (the “commercial companies” category) replacing the current premium and standard listing categories. Under the proposals: class transactions will no longer require an FCA approved circular or prior shareholder approval (except for reverse takeovers); and a related party transaction, where the transaction is above the 5% threshold, will just require an announcement containing a fair and reasonable statement by the board confirmed by the sponsor. These changes represent a major overhaul of the current listing regime for companies with equity shares and are part of a package of reforms to attract a wider range of companies to list in the UK.  Comments are required by 16 February 2024 for proposals regarding sponsor competence and by 22 March 2024 for any changes to the new proposed UK Listing Rules Sourcebook (“UKLR”). There will then be a short period between publication and implementation of the new UKLR, expected in the second half of 2024. 
Insights
19 December 2023

FCA publishes Primary Market Bulletin No. 46

This edition of Primary Market Bulletin examines: whether major shareholders can discuss their stewardship plans on particular issuers with other shareholders with similar ESG strategies without disclosing this to the market in accordance with the market abuse regime; and the results of an assessment of how sponsors have made changes to their procedures to assess whether new applicants are able to comply with the new TCFD-aligned disclosure requirements in the Listing Rules.
Insights
13 November 2023

Revised QCA Corporate Governance Code

The Quoted Companies Alliance (QCA) has published a revised corporate governance code (Code). The Code is still based around 10 Principles but has been updated to keep pace with evolving investor expectations, particularly around topics like ESG. The revised version takes into greater consideration those inside and outside of the company as well as the make-up of the boardroom.  The new Code will apply for financial years beginning on or after 1 April 2024 with the first disclosures against the new Code expected in 2025.  There will also be a transitional period of 12 months to allow companies time to adopt the revised principles. The Code is widely applied by quoted companies not on the Premium List with approximately 93% of companies on AIM applying the Code and three-quarters of companies quoted on the Aquis Stock Exchange, a substantial increase over the last 5 years. Companies need to apply the 10 principles and publish certain related disclosures that describe the company’s own position and why they have chosen it.
Insights
Oct 31, 2023

The Takeover Panel publishes changes to Rule 21 (restrictions on frustrating action)

Following on from its earlier consultation, the Code Committee of the Takeover Panel has published its amendments to Rule 21 of the Code which take effect on 11 December 2023 and apply to on-going transactions which straddle this date.The principal changes amend Rule 21.1 so that the board of a target company would no longer be restricted from taking an action that either is not material or is in the ordinary course of its business and which would not result in an offer or bona fide possible offer being frustrated. The aim of the changes are to increase flexibility for target companies to carry on their ordinary course activities, including where these involve buying and selling assets, and to provide greater clarity as to the action that will and will not be restricted. Separately the Panel Executive has published changes to Practice Statement No. 5 (Rule 13.5 – invoking conditions and pre-conditions).
Insights
27 October 2023

The Economic Crime and Corporate Transparency Act receives Royal Assent

The Economic Crime and Corporate Transparency Act (ECCTA) introduces a suite of wide-ranging reforms to tackle economic crime and improve transparency over corporate entities. Under the ECCTA, Companies House will have enhanced abilities to verify the identities of company directors, remove fraudulent organisations from the register and share information with criminal investigation agencies.  This represents the biggest shakeup in its 180-year history. The ECCTA will also make significant changes to the law of corporate criminal liability.
Insights
Oct 06, 2023

FRC publishes its Annual Review of Corporate Reporting 2022/23

The FRC has set out its expectations, in its Annual Review of Corporate Reporting, for the coming reporting season amidst the current economic background of high inflation, high interest rates and ongoing economic uncertainty.This article will focus on some of the FRC’s findings and expectations together with its plans to shine a spotlight on a number of large private companies and existing areas of poor compliance with reporting requirements.The FRC’s Annual Review of Corporate Reporting (Report) found that the general quality of corporate reporting across the 263 FTSE 350 company reports reviewed has been maintained. The Report discusses the top ten issues on which the FRC raised substantive questions with companies, its findings from thematic and other reviews and its overall expectations for 2023/2024, driven by its findings as well as matters which are likely to present reporting challenges for companies.

Related Insights

Insights
Feb 06, 2024
The Economic Crime and Corporate Transparency Act 2023
Insights
Jan 23, 2024
FRC revises UK Corporate Governance Code
Following the May 2023 consultation on the UK Corporate Governance Code (“Code”), the FRC has published a revised Code. The changes focus primarily on one area - Internal Controls whilst other changes have been kept to a minimum in a move to promote smarter regulation.The 2024 Code will apply to financial years beginning on or after 1 January 2025 save for new Provision 29 (board declaration on effectiveness of their material internal controls) which will apply to financial years beginning on or after 1 January 2026.  Revised guidance on the 2024 Code will be published on 29 January 2024.
Insights
21 December 2023
FCA publishes feedback and transformative proposals for UK listing regime
Following on from the consultation earlier this year, the FCA has published feedback and detailed proposals which will transform the current listing regime. The FCA is proposing to create a single listing category for UK listings of equity shares in commercial companies (the “commercial companies” category) replacing the current premium and standard listing categories. Under the proposals: class transactions will no longer require an FCA approved circular or prior shareholder approval (except for reverse takeovers); and a related party transaction, where the transaction is above the 5% threshold, will just require an announcement containing a fair and reasonable statement by the board confirmed by the sponsor. These changes represent a major overhaul of the current listing regime for companies with equity shares and are part of a package of reforms to attract a wider range of companies to list in the UK.  Comments are required by 16 February 2024 for proposals regarding sponsor competence and by 22 March 2024 for any changes to the new proposed UK Listing Rules Sourcebook (“UKLR”). There will then be a short period between publication and implementation of the new UKLR, expected in the second half of 2024. 
Insights
19 December 2023
FCA publishes Primary Market Bulletin No. 46
This edition of Primary Market Bulletin examines: whether major shareholders can discuss their stewardship plans on particular issuers with other shareholders with similar ESG strategies without disclosing this to the market in accordance with the market abuse regime; and the results of an assessment of how sponsors have made changes to their procedures to assess whether new applicants are able to comply with the new TCFD-aligned disclosure requirements in the Listing Rules.
Insights
13 November 2023
Revised QCA Corporate Governance Code
The Quoted Companies Alliance (QCA) has published a revised corporate governance code (Code). The Code is still based around 10 Principles but has been updated to keep pace with evolving investor expectations, particularly around topics like ESG. The revised version takes into greater consideration those inside and outside of the company as well as the make-up of the boardroom.  The new Code will apply for financial years beginning on or after 1 April 2024 with the first disclosures against the new Code expected in 2025.  There will also be a transitional period of 12 months to allow companies time to adopt the revised principles. The Code is widely applied by quoted companies not on the Premium List with approximately 93% of companies on AIM applying the Code and three-quarters of companies quoted on the Aquis Stock Exchange, a substantial increase over the last 5 years. Companies need to apply the 10 principles and publish certain related disclosures that describe the company’s own position and why they have chosen it.
Insights
Oct 31, 2023
The Takeover Panel publishes changes to Rule 21 (restrictions on frustrating action)
Following on from its earlier consultation, the Code Committee of the Takeover Panel has published its amendments to Rule 21 of the Code which take effect on 11 December 2023 and apply to on-going transactions which straddle this date.The principal changes amend Rule 21.1 so that the board of a target company would no longer be restricted from taking an action that either is not material or is in the ordinary course of its business and which would not result in an offer or bona fide possible offer being frustrated. The aim of the changes are to increase flexibility for target companies to carry on their ordinary course activities, including where these involve buying and selling assets, and to provide greater clarity as to the action that will and will not be restricted. Separately the Panel Executive has published changes to Practice Statement No. 5 (Rule 13.5 – invoking conditions and pre-conditions).
Insights
27 October 2023
The Economic Crime and Corporate Transparency Act receives Royal Assent
The Economic Crime and Corporate Transparency Act (ECCTA) introduces a suite of wide-ranging reforms to tackle economic crime and improve transparency over corporate entities. Under the ECCTA, Companies House will have enhanced abilities to verify the identities of company directors, remove fraudulent organisations from the register and share information with criminal investigation agencies.  This represents the biggest shakeup in its 180-year history. The ECCTA will also make significant changes to the law of corporate criminal liability.
Insights
Oct 11, 2023
Crisis of trust: corporate governance update 2023
Insights
Oct 06, 2023
FRC publishes its Annual Review of Corporate Reporting 2022/23
The FRC has set out its expectations, in its Annual Review of Corporate Reporting, for the coming reporting season amidst the current economic background of high inflation, high interest rates and ongoing economic uncertainty.This article will focus on some of the FRC’s findings and expectations together with its plans to shine a spotlight on a number of large private companies and existing areas of poor compliance with reporting requirements.The FRC’s Annual Review of Corporate Reporting (Report) found that the general quality of corporate reporting across the 263 FTSE 350 company reports reviewed has been maintained. The Report discusses the top ten issues on which the FRC raised substantive questions with companies, its findings from thematic and other reviews and its overall expectations for 2023/2024, driven by its findings as well as matters which are likely to present reporting challenges for companies.