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Holland & Knight LLP

Superintendencia Financiera de Colombia busca fortalecer la liquidez en mercados de capitales

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Por medio del Proyecto No. 15 de 2025 la Superintendencia Financiera de Colombia (SFC), dio a conocer, para comentarios del público, la normativa con la cual busca impartir instrucciones para fortalecer la liquidez de los...more

Jones Day

New Sustainability Reporting Obligations in Mexico

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To facilitate capital flow toward investments that foster economic development by promoting environmental and social sustainability, transparency, and long-term strategies in financial and economic activity, early this year...more

A&O Shearman

EC Draft Delegated Regulation on Providing Market Data, What Constitutes a Liquid Market for Equity Instruments, and PTRR...

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The European Commission (EC) has published a draft delegated regulation amending Delegated Regulation 2017/567 as regards the obligation to provide market data on a reasonable commercial basis, the determination of what...more

Morgan Lewis

New UK Prospectus and Securities Offering Regimes to Enter Into Force in January 2026

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The UK Financial Conduct Authority published PS25/9 and PS25/10 in July 2025, setting out the final rules that will govern the UK’s new public offers and admissions to trading regime, which will replace the existing UK...more

A&O Shearman

UK FCA Primary Market Bulletin No.57

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The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 57 (PMB 57), setting out updates to its technical notes to reflect the implementation of the new UK Listing Regime (UKLR). Specifically, the FCA...more

Paul Hastings LLP

UK Public Offers and Admissions to Trading Regime

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The principal regulations governing offers of securities to the public and admissions of securities to trading on regulated markets in the United Kingdom, including the requirements for a prospectus, are contained in the UK...more

King & Spalding

The Capital Market Authority Issues Key Regulatory Enhancements Impacting Investment Funds in the Kingdom of Saudi Arabia

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On 9 July 2025, the Capital Market Authority (the “CMA”) has announced a series of significant regulatory enhancements aimed at furthering the development of the Kingdom’s investment fund industry. These amendments, effective...more

Hogan Lovells

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

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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

Blake, Cassels & Graydon LLP

Blakes upRound™: July 2025

In this Edition - What founders and startups need to know about employment law to protect their interests as a company matures....more

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

Blake, Cassels & Graydon LLP

OSC Finalizes Rules for Distribution of Disgorged Funds to Harmed Investors

On June 12, 2025, the Ontario Securities Commission (OSC) published its final rules to implement a new statutory framework that will facilitate distributing amounts collected by the OSC under disgorgement orders to harmed...more

A&O Shearman

Regulation amending CRR in relation to SFT stable funding factors published in OJ

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Regulation (EU) 2025/1215 of the European Parliament and of the Council of EU of 17 June amending the Capital Requirements Regulation (CRR) in relation to the stable funding factors for securities financing transactions...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

Hogan Lovells

ESMA finalises report on prospectus changes: Main changes for debt securities

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On 12 June 2025, ESMA published its Final Report on the more detailed content requirements of the changes introduced by the EU Listing Act to the EU Prospectus Regulation, including in relation to the standardised format and...more

A&O Shearman

The UK Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025

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The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025 (SI 2025/666) have been published, alongside an explanatory memorandum. The regulations exempt the transfer of a...more

A&O Shearman

The Financial Services and Markets Act 2023 (Capital Buffers and Macro-Prudential Measures) (Consequential Amendments) Regulations...

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The draft UK Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025 were laid before the UK parliament and have been published, alongside an...more

Morgan Lewis

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

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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

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

Paul Hastings LLP

UK Equity Capital Markets Insights — June 2025

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In this edition of UK Equity Capital Markets Insights, we report on the coming into force of regulations to create the PISCES secondary trading market and the launch of a commission to evaluate the ongoing role of the...more

A&O Shearman

New FCA webpages on PISCES

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The UK Financial Conduct Authority (FCA) has published two new webpages on the Private Intermittent Securities and Capital Exchange Systems (PISCES) sandbox, a new type of trading platform designed to enable intermittent...more

BCLP

UK Corporate Briefing - June 2025

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Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss...more

A&O Shearman

Benchmarks Regulation published in the Official Journal of EU

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Regulation (EU) 2025/914 amending the EU Benchmarks Regulation has been published in the Official Journal of the EU. The amending Regulation amends the scope of the rules for benchmarks...more

A&O Shearman

ECON adopts proposal on shortening of the settlement cycle to T+1 for CSDR

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European Parliament's Committee on Economic and Monetary Affairs has adopted a proposal to amend the Central Securities Depositories Regulation (CSDR), introducing a shorter settlement cycle for transferable securities...more

Stikeman Elliott LLP

CSA Bring the Markets Back to LIFE

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In connection with the Canadian Securities Administrators’ (“CSA”) recent measures to support the competitiveness of Canada’s capital markets, the CSA have announced an increase to the amount of funds that may be raised under...more

A&O Shearman

CTPs brought into scope of ESMA rules for DRSP fines and fees

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The European Commission has adopted delegated regulations amending the rules for data reporting service providers (DRSP) fines and fees to include consolidated tape providers (CTPs) in scope. Previously, the relevant...more

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