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
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
The Takeover Panel has published a consultation paper on dual class share structures, IPOs and share buybacks. The proposed amendments to the Takeover Code clarify how the mandatory offer requirements apply to a company with...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
The new reforms to the UK listing regime (Listing Rules) published by the Financial Conduct Authority (FCA) came into force on Monday 29 July 2024, marking the most significant change to the UK’s listing regime in 40 years as...more
The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity. On 11 July 2024, the FCA released the final rules for the new UK listing regime, which...more
Along with other stock exchanges across the world, the London Stock Exchange (LSE) had a challenging 2023, recording only 23 new listings with a total value of less than US$1 billion. This represented a 23 percent...more
This is the last publication in a series of Allen & Overy publications on the FCA's Consultation Paper (CP23/31) setting out its detailed proposals for listing rules reforms as part of its Primary Markets Effectiveness...more
While the British media is currently focussed on a small number of large-cap companies, formerly listed in London, choosing to move their listings to New York, there is another story which is not so well publicised. Many...more
On 20 December 2023, the UK Financial Conduct Authority (the “FCA”) published a further consultation paper (CP23/31) (the “December Consultation Paper”) for reforming the UK listing regime....more
On 20 December 2023, the FCA published finalised proposals for the merger of the existing premium and standard equity listing segments into a new single equity segment. A detailed discussion of these proposals, feedback...more
As part of the wider review of the UK’s capital markets regulatory landscape, in May 2023, the Financial Conduct Authority (FCA) published Consultation Paper CP23/10, which set out proposed reforms for companies with listed...more
In what will undoubtedly be seized upon by the financial press as another blow to UK equity capital markets, Arm Holdings Limited, the Cambridge-headquartered chip designer which was once courted by Prime Minister Rishi Sunak...more
In July 2023, the Investment Research Review (the Review) commissioned by the UK government published its findings into investment research in UK capital markets. The Review made the following seven recommendations, seeking...more
This edition covers proposed major reforms to the listing and prospectus regimes, corporate governance reforms largely relating to audit and internal controls, and proposed changes to the Takeover Code affecting the...more
As part of the wider review of the UK’s capital markets regulatory landscape, the FCA published Consultation Paper CP23/10, which sets out reforms for companies with listed shares on the Main Market of the London Stock...more
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
The new rules aim to make London a more attractive listing venue for founder-led and other innovative IPO candidates. On 2 December 2021, the UK Financial Conduct Authority (FCA) published a Policy Statement (PS21/22)...more
In response to Lord Hill’s review of the UK Listing Regime, the FCA consulted earlier this year on changes to the Listing Rules for special purpose acquisition companies (SPACs). The proposed changes remove the presumption of...more
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
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 UK Government is consulting on proposals to reform the UK’s prospectus regime. The proposals are published in response to Lord Hill’s UK Listing Review in which he recommends that, amongst other things, the Government...more
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
On 30 April 2021, the UK Financial Conduct Authority (FCA) published a consultation paper proposing changes to the Listing Rules applicable to special purpose acquisition companies (SPACs)....more
The Financial Conduct Authority (FCA) has launched a consultation on proposed changes to its Listing Rules for certain special purpose acquisition companies (SPACs). The proposed changes to the rules around SPACs were...more