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Proskauer Rose LLP

A Securities and Exchange Commission (SEC) Analisará os Critérios de Elegibilidade para Emissores Privados Estrangeiros (Foreign...

Proskauer Rose LLP on

Empresas latino-americanas com valores mobiliários registrados nos Estados Unidos, ou que pretendem registrá-los, devem ficar atentas. A SEC (Comissão de Valores Mobiliários dos EUA) publicou um “concept release” propondo...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

Hogan Lovells

UK Equity Capital Markets: New UK public offers and admissions to trading regime in force in early 2026

Hogan Lovells on

On 15 July 2025, the Financial Conduct Authority (FCA) published its final rules for the new UK public offers and admissions to trading regime which will take effect on 19 January 2026, replacing the current EU-derived...more

Orrick, Herrington & Sutcliffe LLP

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

A&O Shearman

FCA publishes final rules for public offers and admission to trading regime

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On July 15, 2025, the Financial Conduct Authority (FCA) published its Policy Statement PS25/9 setting out the final rules to implement the Public Offers and Admission to Trading Regulations 2024 (POATRs). These rules, which...more

Davies Ward Phillips & Vineberg LLP

Concept Release: Foreign Private Issuers Under the SEC’s Microscope

Do the U.S. securities law accommodations through the “foreign private issuer” (FPI) construct benefit the intended entities? That’s the fundamental question that the U.S. Securities and Exchange Commission (SEC) is analyzing...more

Morgan Lewis

SEC Requests Public Comment on Changes to the Definition of ‘Foreign Private Issuer’

Morgan Lewis on

On June 4, 2025, the US Securities and Exchange Commission published a concept release to solicit comments on whether and how the definition of “foreign private issuer” (FPI) should be changed. As a result of recent...more

A&O Shearman

EC adopts amendments to transparency requirements under MiFIR Review

A&O Shearman on

The European Commission has adopted a Commission Delegated Regulation to amend regulatory technical standards (RTS) on transparency requirements. The MiFIR Review revised the Markets in Financial Instruments Regulation...more

K&L Gates LLP

SEC Reassesses Foreign Private Issuer Eligibility

K&L Gates LLP on

Earlier this month, the US Securities and Exchange Commission (SEC) issued a concept release to solicit public comment on potential changes to the definition of a foreign private issuer (FPI), marking the SEC’s first review...more

ArentFox Schiff

SEC’s New Concept Release on Foreign Private Issuer Standards

ArentFox Schiff on

On June 4, the US Securities and Exchange Commission (SEC) published a concept release soliciting public comment on potential amendments to the definition of foreign private issuer (FPI) under US securities laws....more

Orrick, Herrington & Sutcliffe LLP

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

Alston & Bird

SEC Considers Changes to Foreign Private Issuer Definition

Alston & Bird on

The Securities and Exchange Commission (SEC) is mulling over modifications to the definition of foreign private issuer (FPI). Our Securities Group examines how these potential changes could impact companies currently...more

Stikeman Elliott LLP

SEC Considers Amendments to “Foreign Private Issuer” Definition

Stikeman Elliott LLP on

The U.S. Securities and Exchange Commission (“SEC”) recently published a concept release (the “Concept Release”) in which it solicits comments on potential revisions to the “foreign private issuer” (“FPI”) definition. The SEC...more

A&O Shearman

FCA publishes final rules on UK PISCES sandbox arrangements

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published final policy statement PS25/6, accompanied by a press release, setting out the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES)...more

Orrick, Herrington & Sutcliffe LLP

SPAC (Re-)Attack: Top Considerations for Issuers Considering a De-SPAC Transaction

Continued volatility in the equity capital markets has revived what was thought to be a zombie after 2022 – the SPAC. There is an old investment banking mantra that they can do an IPO in a down market or an up market, but not...more

Morgan Lewis

UK FCA Publishes PISCES Sourcebook, Completing the Regulatory Regime for This New Form of Private Market

Morgan Lewis on

The UK Financial Conduct Authority recently issued the PISCES Sourcebook, finalizing the regulatory regime for this new type of private capital market. On 10 June 2025, the UK Financial Conduct Authority (FCA) published...more

Foley Hoag LLP - Public Companies & the Law

SEC Issues Concept Release Soliciting Public Comment on Foreign Private Issuer Definition

On June 4, 2025, the SEC issued a concept release soliciting public comment on the definition of “foreign private issuer” (FPI) under U.S. securities laws. The SEC has identified potential changes to the definition that could...more

Troutman Pepper Locke

SEC Considers Changes to Definition of Foreign Private Issuer

Troutman Pepper Locke on

On June 4, 2025, the U.S. Securities and Exchange Commission (SEC) published a concept release soliciting public comment on the definition of a foreign private issuer (FPI) and whether changes are needed to reflect the...more

Patterson Belknap Webb & Tyler LLP

The SEC Solicits Feedback to Potentially Amend the Definition of Foreign Private Issuer

On June 4, 2025, the Securities and Exchange Commission (“SEC”) published a concept release soliciting public comment in connection with its re-examination of the nearly 50 year old definition of foreign private issuer...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

Herbert Smith Freehills Kramer

US Securities and Exchange Commission “Concept Release” on the definition of “Foreign Private Issuer”: The revisions could have...

On June 4, 2025, the US Securities and Exchange Commission (SEC) issued a “Concept Release” that will be of significant interest to our “foreign private issuer” (“FPI”) clients, their shareholders, and our investment banking...more

Cooley LLP

The FPI Concept Release: The SEC’s Concerns

Cooley LLP on

A few days ago, I blogged about the SEC issuing this 71-page concept release to rethink the definition of “foreign private issuer.” This Cooley Alert penned by Brad Goldberg, Beth Sasfai, Reid Hooper and Shari Ness delves...more

Katten Muchin Rosenman LLP

SEC Seeks Feedback on "Foreign Private Issuer" Definition and Accommodations

On June 4, 2025, the Securities and Exchange Commission (SEC) issued a concept release, soliciting public comment on the definition of "foreign private issuer."...more

Woodruff Sawyer

Foreign Private Issuers: Time to End the Free Lunch?

Woodruff Sawyer on

Foreign private issuers (FPIs) are non-US companies that are traded on US exchanges. They have access to US capital markets even though FPIs are subject to less-stringent disclosure requirements. A good question to ask is...more

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