Edward Dyson on Capital Markets

From Federal to State: Building the New Life Sciences Capital Stack | Life Sciences Snapshot – Q3 2025

This year, U.S. VC funding into the life sciences sector has cooled: Q1 softness was followed by a decade low in VC transactions in Q2. Despite the moderation in dealmaking volume, investors continued to deploy sizable...more

7/22/2025 / Biotechnology , Capital Markets , Financing , Investment , Investors , Life Sciences , Private Equity , Startups , State and Local Government , Venture Capital

Prospectus Rules: Reformed

The Financial Conduct Authority (FCA) has finalised its rules for the new Public Offers and Admissions to Trading regime, which will replace the existing UK Prospectus Regulation from 19 January 2026. The publication of the...more

7/18/2025 / Capital Markets , Disclosure Requirements , Financial Conduct Authority (FCA) , Initial Public Offering (IPO) , Listing Rules , Public Offerings , Regulatory Requirements , Securities Regulation , UK

SEC Considers Revising Foreign Private Issuer Definition

The Securities and Exchange Commission (SEC) issued a concept release seeking public comment by September 8, 2025, on its definition of “foreign private issuer” (FPI). The SEC indicated that a review is warranted due to...more

6/24/2025 / Capital Markets , Corporate Governance , Disclosure Requirements , Foreign Investment , Foreign Private Issuers , Regulatory Reform , Regulatory Requirements , Reporting Requirements , Securities and Exchange Commission (SEC) , Securities Regulation

PISCES: Sandbox

RECAP Private Intermittent Securities and Capital Exchange System (PISCES) Regulations (SI 2025/583) are now in force. PISCES is not a stock market; it is a regulatory sandbox for those market participants who want to set up...more

6/16/2025 / Capital Markets , Disclosure Requirements , Financial Conduct Authority (FCA) , Investors , New Regulations , Private Funds , Regulatory Reform , Secondary Markets , Securities Regulation , UK

PISCES: Hook, Line and Secondary Market

The Financial Conduct Authority (FCA) is aiming to bridge private and public markets with the Private Intermittent Securities and Capital Exchange System (PISCES). Only shares in unlisted UK-incorporated companies will be...more

6/4/2025 / Capital Markets , Financial Conduct Authority (FCA) , Investment , Investors , Regulatory Requirements , Secondary Markets , Securities Regulation , UK

FCA Publishes New Listing Rule and Guidance on Climate Related Disclosures Applicable to Standard Listed Companies

On 17 December 2021, the Financial Conduct Authority ("FCA") announced a new Listing Rule on climate-related disclosures in its policy statement PS12/23. The new Listing Rule will apply to issuers of shares (or global...more

12/31/2021 / Capital Markets , Climate Change , Corporate Governance , Environmental Social & Governance (ESG) , Financial Conduct Authority (FCA) , Listing Rules , Publicly-Traded Companies , UK

FCA Updates the Listing Rules – Out With the Old, in With the New

On 2 December 2021, the Financial Conduct Authority ("FCA") announced some material changes to the Listing Rules in its policy statement PS21/22; these are summarised below. The FCA has sought to strike a balance between...more

12/9/2021 / Capital Markets , Corporate Governance , Corporate Issuers , Financial Conduct Authority (FCA) , Listing Rules , Policy Statement , Publicly-Traded Companies , Takeover Code , UK

Life Sciences Snapshot – A Quarterly Report on Financing Trends – Q4 2021

This edition of Orrick’s life sciences publication series breaks down the key drivers of venture investment in the life sciences industry, which is on track to set all-time records this year. Key findings include: • With...more

10/20/2021 / Acquisitions , Capital Markets , EU , Investment , Life Sciences , Mergers , Pharmaceutical Industry , Special Purpose Acquisition Companies (SPACs) , Venture Capital

I Want You SPAC for Good – The FCA Publishes Listing Rule Changes for UK SPACs

As outlined in our 30 April 2021 insight, Exit through the SPAC door? UK FCA publishes proposed changes to the Listing Rules, the UK Financial Conduct Authority ("FCA") published a consultation paper (the "Consultation")...more

8/5/2021 / Capital Markets , Financial Conduct Authority (FCA) , Initial Public Offering (IPO) , Listing Rules , Policy Statement , Publicly-Traded Companies , Special Purpose Acquisition Companies (SPACs) , UK

Exit through the SPAC door? UK FCA publishes proposed changes to the Listing Rules

The UK Financial Conduct Authority ("FCA") has published its proposals to amend the Listing Rules relating to special purpose acquisition companies ("SPACs"), having considered Lord Hill’s UK Listing Review Report....more

5/20/2021 / Capital Markets , Capital Raising , Financial Conduct Authority (FCA) , Initial Public Offering (IPO) , Investment , Listing Rules , Publicly-Traded Companies , Special Purpose Acquisition Companies (SPACs) , UK

Edward Dyson

Orrick, Herrington & Sutcliffe LLP

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