Until recently, the UK and EU post-Brexit market abuse regimes remained substantially aligned. However, the passing of the EU Listing Act reforms in 2024 has meant that UK and EU MAR have started to diverge meaningfully for...more
TXSE (pronounced TEX-see) announced on April 4, 2025 that its Form 1 registration is now public, putting it one step closer to Y'all Street. The announcement touted its proprietary “matching engine" that it believes will make...more
This eUpdate focuses on the eligibility requirements, process and continuing obligations for a company with a primary listing in a jurisdiction outside the UK which is seeking a secondary listing on the Main Market of the...more
The Equities Market Review Group has issued its first set of measures to strengthen the competitiveness of Singapore’s equities markets. The measures seek to (1) increase investor demand and the supply of quality listings on...more
EU Listing Act package simplifies listing requirements and post-listing obligations. Targeted amendments to the Prospectus Regulation remove disproportionate complexity but preserve investor protection....more
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
On August 6, 2024, Nasdaq filed a rule proposal that, if adopted, will impact the ability of companies to continue trading or, potentially, stay listed in the event of a continued inability to maintain a $1.00 closing price...more
Nasdaq has proposed amendments to its listing standards that would accelerate the delisting process for certain companies that fail to satisfy its minimum bid price requirement. These proposals are ostensibly in response to...more
The U.S securities market represents one of the largest sources of capital in the world, with a deep pool of liquidity and broad investor base that is not just looking at dividends and value but focused on the growth of...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
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
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
The New York Stock Exchange (NYSE) and Nasdaq amended their previously proposed clawback listing standards on June 5 and June 6 respectively to give listed companies until December 1 to adopt required clawback policies. On...more
A key factor in recent discussions on revitalising London’s place as a capital markets and financial services hub has been a renewed attention on executive compensation. Recent comments made by Julia Hoggett, the CEO of the...more
On 3 May 2023, the UK Financial Conduct Authority (the “FCA”) published significant further proposals in a consultation paper (CP23/10) for reforming the UK listing regime....more
On 29 March 2023, the chief executive of the UK Financial Conduct Authority (FCA), Nikhil Rathi, delivered a speech at the Global Investment Management Summit in London on the wider UK capital markets ecosystem, which...more
From 31 March 2023, the listing framework will include innovative companies in frontier industries, creating more opportunities for investors in the Hong Kong capital market. The Stock Exchange of Hong Kong Limited (the...more
On December 15, 2022, the Securities and Exchange Commission (SEC) relaxed price range limitations when it approved a proposed rule change set forth by the New York Stock Exchange (NYSE) for companies listing in connection...more
中美审计监管合作取得积极进展，消除在美国上市的中概股会被退市摘牌的预期，中概股公司赴美上市重启在望。 2022年12月15日，美国公众公司会计监督委员会（PCAOB）确定其能够获得对位于中国大陆和香港的会计师事务所进行全面检查和调查的权限。此举消除了市场上，对于中概股公司有可能将最早于2023年被禁止在美国交易，以及从美国证券交易所退市的预期。这是近年来，关于中美审计监管的最新积极进...more
The Public Company Accounting Oversight Board (“PCAOB”) announced on December 15, 2022 that it has secured complete access to inspect and investigate audit firms in mainland China and Hong Kong for the first time in history....more
On December 2, 2022, Nasdaq received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales of the company shares in the...more
On December 2, 2022, the SEC, acting through its Division of Trading and Markets, approved changes that Nasdaq had proposed to its regime for primary direct listings (which Nasdaq refers to as direct listings with a capital...more
On 4 November 2022, the Pre-Emption Group (“PEG”) published an updated Statement of Principles: Disapplying pre-emption rights reflecting certain recommendations of the UK Secondary Capital Raising Review (the “SCRR”) which...more
The latest proposals for reforming the UK equity capital markets, in response to Lord Hill’s UK Listing Review of March 2021 (the Listing Review), have been announced following the publication of the UK Secondary...more