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Mayer Brown

UK Regulatory Update Asset Management Sector - Quarterly Newsletter Q2 - 2025

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FCA finalises rules for PISCES – new secondary private stock market – On 10 June 2025, the FCA issued its final rules for the Private Intermittent Securities and Capital Exchange ("PISCES"). PISCES is a new type of private...more

Paul Hastings LLP

UK Equity Capital Markets Insights — July 2025

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As noted in the April edition of this newsletter, the FCA consulted in February 2024 and November 2024 on proposed measures to update and streamline its enforcement guide and to increase transparency in how it goes about...more

Morrison & Foerster LLP

U.S. SEC Extends Compliance Deadline for Recent Amendments to the Customer Protection Rule

On June 25, 2025, the U.S. Securities and Exchange Commission (SEC) voted to extend the compliance deadline for recent amendments to Exchange Act Rule 15c3-3 (the “Customer Protection Rule”) to June 30, 2026. The amendments,...more

A&O Shearman

FCA publishes final rules on UK PISCES sandbox arrangements

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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

White & Case LLP

FCA’s final rules for PISCES: London’s new private share trading market

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The Financial Conduct Authority ("FCA") has published its final rules for the Private Intermittent Securities and Capital Exchange System ("PISCES") – London's new private company share trading platform. The proposals are a...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Finalises Rules Providing Fund Managers a Joint Payment Option for Research and Execution Services

On 9 May 2025, the Financial Conduct Authority (FCA) issued policy statement PS 25/4, setting out, and bringing into force, final rules on investment research payment options for fund managers. The new rules follow the...more

Mayer Brown Free Writings + Perspectives

House Financial Services Committee Urges SEC Withdrawal of 14 Proposed and Final Rules

On March 31, 2025, the U.S. House Financial Services Committee (Committee) penned a letter to acting Securities and Exchange Commission (SEC) Chair Mark Uyeda identifying 14 proposed and final rules that, according to the...more

Eversheds Sutherland (US) LLP

SEC approves extension of Treasury clearing compliance dates

On Tuesday, February 25, 2025, the Securities and Exchange Commission (SEC) issued a one-year extension of the compliance dates for its clearing mandate for certain US Treasury cash and repurchase (repo) transactions, in...more

Orrick, Herrington & Sutcliffe LLP

SEC releases two updates related to clearing of U.S. Treasury securities

On February 25, the SEC released updates regarding a compliance date extension and a temporary exemption, both for U.S. Treasury securities clearing agencies. The Commission issued a final rule extending the compliance dates...more

Mayer Brown Free Writings + Perspectives

SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities

On February 25, 2025, the SEC extended the compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) under the Securities Exchange Act for eligible cash market transactions by one year to December 31, 2026, and for eligible...more

ArentFox Schiff

SEC Approves Nasdaq Proposed Rules Modifying Minimum Bid Price Compliance Periods and Delisting Process

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On January 17, the US Securities and Exchange Commission (SEC) approved Nasdaq’s proposed rule changes addressing companies that fail to meet the minimum bid price requirements of $1 per share and the subsequent delisting...more

A&O Shearman

European Securities and Markets Authority publishes final report and draft Regulatory Technical Standards on colleges for central...

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The European Securities and Markets Authority has published its final report containing draft regulatory technical standards relating to colleges for central counterparties under the European Market Infrastructure Regulation...more

Orrick, Herrington & Sutcliffe LLP

FHFA finalizes its liquidity access rule

Recently, the FHFA issued a final rule amending its regulations on FHLBanks’ (Banks) capital requirements, specifically modifying limits on certain types of extensions of unsecured credit by the FHLBanks. Specifically,...more

Holland & Knight LLP

IRS Releases Final Regulations on Reissuance and Retirement of Tax-Exempt Tender Option Bonds

Holland & Knight LLP on

The IRS released on Dec. 30, 2024, final regulations on Sections 1.150-3 and 1.1001-3(a)(2) (the Regulations) regarding the reissuance and retirement (debt extinguishment) of tax-exempt tender option bonds....more

Katten Muchin Rosenman LLP

The CFTC Codifies the Letter 19-17 Compliance Processes Around Separately Margined Accounts

In 2014, the Joint Audit Committee issued a Regulatory Alert insisting that futures commission merchant (FCM) clearing members treat separate accounts of the same beneficial owner as a single account for purposes of US...more

A&O Shearman

SEC Rule 192: Prohibition against conflicts of interest in certain securitizations

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Seven months after our initial note on the subject, the United States Securities and Exchange Commission (the SEC) on November 27, 2023 adopted Rule 192 (Rule 192 or the Final Rule)1 pursuant to Section 27B of the Securities...more

Ballard Spahr LLP

SEC Adopts Final Rule Expanding Regulation A Exemption to Exchange Act Reporting Companies

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The Securities and Exchange Commission (SEC) last week adopted a final rule amending Regulation A to broaden eligibility for its exemption from full SEC registration. ...more

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