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Capital Markets United Kingdom Investors

Carey Olsen

Guernsey funds – special considerations for US managers

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Guernsey, located in the English Channel, is one of the world’s largest offshore finance centres, with a thriving funds industry. The value of funds under management and administration in Guernsey is US$532bn. Guernsey is an...more

A&O Shearman

FCA publishes final rules for firms operating public offer platforms

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published final policy statement PS25/10, setting out the final rules for the new public offer platforms (POP) regime. This follows consultations in July 2024 and January of this...more

A&O Shearman

FCA plans to modernise client categorisation rules

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The UK Financial Conduct Authority has announced plans to review its client categorisation rules to unlock more investment opportunities for wealthy investors and support capital markets...more

Mayer Brown

Faqs – What US Clients Need to Know About PISCES – a New Secondary Private Stock Market in the UK

Mayer Brown on

WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

Skadden, Arps, Slate, Meagher & Flom LLP

New UK Prospectus Rules Published

- What is new: The FCA has published final rules for the new UK prospectus regime, introducing significant reforms such as a new 75% threshold for secondary issuances, new prospectus exemptions, permitting protected...more

Mayer Brown

FAQs – What US Clients Need to Know About PISCES – A New Secondary Private Stock Market in the UK

Mayer Brown on

WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

Orrick, Herrington & Sutcliffe LLP

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

Latham & Watkins LLP

FCA’s Final Proposals for PISCES: A New Era for Private Market Trading

Latham & Watkins LLP on

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

Orrick, Herrington & Sutcliffe LLP

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

Walkers

Setting up a Jersey Manager - The Options and Opportunities

Walkers on

A Jersey manager is typically required to hold a "fund services business" licence, which can be obtained within weeks. There are broadly two types of licence: a "managed entity" licence and a "full codes" licence, each with...more

Eversheds Sutherland (US) LLP

FundsTrack: Private funds market insights - 2025 report

We are delighted to present the 2025 edition of our award-nominated private funds report, "FundsTrack: Trends in the Private Funds Market." 2024 was yet again an interesting time for private funds. Multiple elections...more

A&O Shearman

UK Financial Conduct Authority consults on further proposals for firms operating public offer platforms

A&O Shearman on

The Financial Conduct Authority (FCA) has published a consultation paper (CP25/3) on further proposals to support the implementation and operation of the new public offer platforms (POP) regime. This regime is designed to...more

A&O Shearman

UK Financial Conduct Authority consults on public offers and admissions to trading regime and UK Listing Rules

A&O Shearman on

The Financial Conduct Authority (FCA) has published a consultation paper (CP25/2) on further changes to the public offers and admissions to trading (POAT) regime and the UK Listing Rules (UKLR). This was published alongside...more

A&O Shearman

Is life returning to the private equity exit market?

A&O Shearman on

Following a period in which financial sponsors have struggled to realize an acceptable prices for their assets, signs point towards a brighter outlook for 2025. At the start of 2024 private equity firms were hoping that...more

White & Case LLP

Analysing the growth of Private Credit in the Middle East: A Comparative Study against the UK position

White & Case LLP on

Following the successful completion of a number of key private-credit transactions across the Middle East in 2024 (including the recent transaction White & Case acted on for Property Finder, named "Impact Deal of the Year" at...more

Latham & Watkins LLP

The Stars Align - FCA’s PISCES Proposals to Build on Private Market Practices

Latham & Watkins LLP on

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

McDermott Will & Schulte

Private Markets Update | Summer 2024

McDermott Will & Schulte on

The Private Markets Update highlights key developments emerging from private markets across Europe, the UK and the United States, exploring the cross-border issues that matter to investors and sponsors in alternative assets. ...more

White & Case LLP

Sector trends - September 2024: Asset/Wealth Management

White & Case LLP on

UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024 — Asset/Wealth Management - Current market: Consistently high M&A activity levels - We are seeing: Europe's barbell becomes more pronounced—larger...more

White & Case LLP

Tepid UK & European private capital markets spur unicorns into inorganic opportunities

White & Case LLP on

3 reasons for continuously high fintech M&A activity levels: Banks target indirect digital access: Through credit lines, investments in venture capital funds, collaborations with innovators and establishment of next...more

White & Case LLP

Sector trends - September 2024: Stock Exchanges / Clearing Houses / Trading Venues

White & Case LLP on

Cautious deployment of M&A war chests while concerns relating to IPO and equity market trading buoyancy continue. Current market: Fewer M&A deals as Europe's FMI tectonic plates digest acquisitions of yesteryear...more

White & Case LLP

Other Financial Services - UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024

White & Case LLP on

Asset / Wealth Management - Current market: Consistently high M&A activity levels - We are seeing: Europe’s barbell becomes more pronounced—larger asset / wealth managers swallow smaller competitors at pace: -...more

White & Case LLP

High yield issuance climbs, but markets still seek direction

White & Case LLP on

High yield activity in the US, Europe and APAC revives after a tricky period, but markets remain uncertain moving into the final months of 2024 High yield bond issuance across the US, Europe and APAC rallied in H1 2024....more

Alston & Bird

Structured Finance Spectrum - Summer 2024

Alston & Bird on

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more

IR Global

Euro firms despite unexpected decline in German business sentiment

IR Global on

The euro trended higher on Monday, with the single currency able to shrug off some underwhelming German data. Meanwhile, the pound is trading sideways so far this morning, with GBP/EUR flat at €1.1817 and GBP/USD stable...more

White & Case LLP

High-profile deals in European regulators’ firing lines

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Dealmakers are learning to navigate a stricter regulatory environment as UK and EU authorities take an increasingly interventionist stance Global dealmaking experienced a slowdown in 2023 as the market battled headwinds on...more

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