On 15 July 2025, the FCA published PS25/9 and PS25/10 outlining its final rules for the new Public Offers and Admissions to Trading regime, which will supersede the existing UK Prospectus Regulation from 19 January 2026. This...more
7/16/2025
/ Capital Markets ,
Climate Change ,
Corporate Financing ,
Corporate Governance ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Initial Public Offering (IPO) ,
Listing Rules ,
Prospectus ,
Public Offerings ,
Retail Investors ,
UK
On 10 June 2025, the FCA unveiled its final proposals for the Private Intermittent Securities and Capital Exchange System (PISCES), following a comprehensive consultation process. The proposals mark a significant step in the...more
On 14 April 2025, the FCA published its updated regulatory initiatives grid, which sets out its regulatory pipeline — the first update since the new UK government came to power. The new grid outlines the expected timings of...more
No loss to issuers puts note trustees in the spotlight.
The Hong Kong Court of Final Appeal (CFA) has overturned the Court of Appeal’s order that Peking University Founder Group Company Limited (PUFG), as the keepwell...more
4/30/2025
/ Appeals ,
Breach of Contract ,
Business Entities ,
Capital Markets ,
Contract Terms ,
Corporate Bonds ,
Corporate Governance ,
Corporate Issuers ,
Deeds ,
Financial Institutions ,
Hong Kong ,
Offshore Companies ,
Securities ,
Subsidiaries ,
Trustees
The FCA is approaching its design of the world’s first regulated private/public crossover market with a “private plus” rather than a “public minus” mindset.
On 17 December 2024, the FCA launched a consultation on its...more
12/18/2024
/ Capital Markets ,
Consultation ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investors ,
Private Investment Funds ,
Proposed Rules ,
Retail Investors ,
Sandbox ,
UK
On 6 September 2024, the Capital Markets Industry Taskforce (CMIT) published the Capital Markets Of Tomorrow report (CMOT). CMOT sets out the “UK elevator pitch” for the reformed UK capital markets, engages in some judicious...more
10/4/2024
/ Capital Markets ,
Climate Change ,
Economic Growth ,
Entrepreneurs ,
Foreign Private Issuers ,
FTSE ,
Investment Opportunities ,
Listing Rules ,
Listing Standards ,
Pension Funds ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Retail Investors ,
Sponsors ,
Stewardship Code ,
UK
On 23 February 2024, the Investment Association (IA) issued its annual letter to FTSE 350 remuneration committee chairs providing an update on the IA’s Principles of Remuneration and emerging views on remuneration matters....more
3/6/2024
/ Artificial Intelligence ,
Board of Directors ,
Capital Markets ,
Climate Change ,
Competition ,
Corporate Governance ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
Financial Reporting ,
Financial Reporting Council (FRC) ,
Investors ,
London Stock Exchange ,
Pensions ,
Proxy Voting Guidelines ,
Remuneration ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
An overview of the key developments around reforming the UK capital markets regime following Lord Hill's UK Listings Review, launched as part of the UK government's plan to strengthen the UK's position as a leading global...more
Major Update on FRC Policy and Reset on Corporate Governance Reforms Plus CMIT Open Letter, With More to Come -
On 7 November 2023, the Financial Reporting Council (FRC) announced a significant and wide-ranging policy...more
The purpose of this document is to provide an overview of the key developments around reforming the UK capital markets regime following Lord Hill’s UK Listings Review, launched on 19 November 2020 as part of the UK...more
10/12/2023
/ Accounting Standards ,
Acquisitions ,
Capital Markets ,
Capital Raising ,
Complex Corporate Transactions ,
Initial Public Offering (IPO) ,
Listing Standards ,
Mergers ,
Public Offerings ,
Publicly-Traded Companies ,
Shareholder Approval ,
UK ,
UK Regulatory Reforms
An overview of the key developments around reforming the UK capital markets regime following Lord Hill's UK Listings Review, launched as part of the UK government's plan to strengthen the UK's position as a leading global...more
FCA takes an innovative approach to obtain feedback from industry and stakeholder groups.
In May 2023, the FCA launched a process of engagement and dialogue on how the UK’s future prospectus regime could operate....more
FCA chief executive’s speech indicates an exciting transition to a lighter regime and a true single listing segment. By James Inness, Anna Ngo, and Johannes Poon On 29 March 2023, FCA Chief Executive Nikhil Rathi delivered a...more
This edition covers the new Investment Association Share Capital Management Guidelines and Shareholder Priorities for 2023, FRC publications on ESG and corporate governance, and the FCA’s Primary Market Bulletin 43....more
A reminder of the ongoing reforms to implement recommendations from the Lord Hill and Kalifa Reviews.
The outcome of the UK Secondary Capital Raising Review, launched on 12 October 2021 to improve further capital raising...more
The landmark UK Secondary Capital Raising Review Report takes a holistic approach in making bold and comprehensive recommendations to improve the UK secondary capital raising processes and ecosystem.
On 19 July 2022, HM...more
8/1/2022
/ Capital Markets ,
Capital Raising ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Information Reports ,
Initial Public Offering (IPO) ,
Prospectus ,
Publicly-Traded Companies ,
Secondary Markets ,
UK ,
UK Regulatory Reforms
Broad reform to listing regimes, growing ESG scrutiny, and increasing retail participation in fundraisings are among the areas to watch.
Last year was memorable for UK equity capital markets (ECM). The IPO market was at...more
1/21/2022
/ Annual Meeting ,
Capital Markets ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Foreign Direct Investment ,
Initial Public Offering (IPO) ,
Listing Rules ,
Listing Standards ,
Private Equity ,
Retail Investors ,
Special Purpose Acquisition Companies (SPACs) ,
UK
The expansion would include Shenzhen Stock Exchange and potentially European stock exchanges, and would permit overseas issuers to raise capital in China through CDR listings.
On 17 December 2021, the China Securities...more
1/18/2022
/ Capital Markets ,
China ,
China Securities Regulatory Commission (CSRC) ,
Corporate Issuers ,
EU ,
Global Depositary Receipts (GDRs) ,
Listing Rules ,
London Stock Exchange ,
Popular ,
Proposed Regulation ,
Shanghai Stock Exchange ,
UK
The revised criteria allow UK-listed SPACs to avoid a suspension of their shares when announcing a de-SPAC deal.
The UK, acting through the Financial Conduct Authority (FCA), will implement a new SPAC listing regime from...more
The FCA is consulting on extending its rules to standard listed issuers.
On 22 June 2021, the FCA published a Consultation Paper (CP21/18) on extending the application of the existing climate-related disclosure...more
6/28/2021
/ Asset Management ,
Capital Markets ,
Climate Change ,
Consultation ,
Corporate Governance ,
Corporate Issuers ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Reporting ,
G7 ,
IFRS ,
Listing Rules ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
As interest in European SPACs heats up amid an increasingly receptive regulatory environment, dealmakers must navigate market differences.
While US special purpose acquisition company (SPAC) IPOs and related M&A activity...more
Key Points -
• Green Paper on Capital Markets Union (CMU Green Paper) and Consultation on Prospectus Directive Review (PD Consultation)
• Consultation Period runs until 13 May 2015
• Prospectus Directive...more