News & Analysis as of

Secondary Markets United Kingdom

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

Orrick, Herrington & Sutcliffe LLP

PISCES: Hook, Line and Secondary Market

The Financial Conduct Authority (FCA) is aiming to bridge private and public markets with the Private Intermittent Securities and Capital Exchange System (PISCES). Only shares in unlisted UK-incorporated companies will be...more

Hogan Lovells

Unlocking Liquidity: How secondary sales support pension schemes in insurance buy-in/buy-outs

Hogan Lovells on

The market for insured risk transfer solutions for UK defined benefit pension schemes has continued to grow in recent years, as increased competition among insurers and improved funding positions has enabled more and more...more

Cadwalader, Wickersham & Taft LLP

The UK Proposes Changes to the Regulation of Equity Secondary Markets

In Policy Statement 23/4 (PS23/4) on “Improving Equity Secondary Markets,” the UK’s Financial Conduct Authority sets out its final proposed amendments to...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Secondary Capital Raising Review: Capitalising on the Drive for Regulatory Reform

On 19 July 2022, the U.K. Secondary Capital Raising Review (the Review) published its report (the Report), making significant recommendations to improve the efficiency of secondary capital raising by companies listed on the...more

Proskauer Rose LLP

Question of the Week: How are current levels of dry powder impacting GPs and LPs in the secondary market?

Proskauer Rose LLP on

"Dedicated available capital is estimated at $227 billion (as of June 30, 2022). We expect secondary investors to closely monitor valuations and public market conditions. But as investors continue to fundraise and deploy on...more

Latham & Watkins LLP

Major Reforms to UK Secondary Capital Raising Processes

Latham & Watkins LLP on

The landmark UK Secondary Capital Raising Review Report takes a holistic approach in making bold and comprehensive recommendations to improve the UK secondary capital raising processes and ecosystem. On 19 July 2022, HM...more

White & Case LLP

US and UK impose first wave of sanctions in response to Russian actions in Ukraine (and EU Sanctions to Follow)

White & Case LLP on

Following Russia's recognition of the Donetsk and Luhansk Regions as independent, the US and UK moved swiftly to impose new sanctions against Russia in response to its deemed escalation of the ongoing crisis along the...more

Fenwick & West LLP

US Government Issues New Targeted Sanctions in Response to Russian Actions on the Ukraine Border

Fenwick & West LLP on

The United States government, in coordination with the UK and EU, has imposed a round of targeted measures in what could be the first of a series of escalations in response to Russia’s recent actions along the Ukraine...more

ArentFox Schiff

US Imposes Territorial Sanctions on Ukrainian Breakaway Republics & Broader Russia Based Sanctions: What You Need to Know

ArentFox Schiff on

Responding to the Russian announcement recognizing the independence of the so-called Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LNR) regions of Ukraine, President Biden signed Executive Order 14065 (the...more

Latham & Watkins LLP

HM Treasury Consults on UK Wholesale Markets Reform

Latham & Watkins LLP on

Proposals signal that the UK government is willing to diverge significantly from EU rules. On 1 July 2021, HM Treasury published a consultation on its Wholesale Markets Review....more

Hogan Lovells

Securities and markets regulatory news, August 2020 # 2

Hogan Lovells on

Capital market regulation: FCA speech - The FCA has published a speech given by Mark Steward, Executive Director of Enforcement and Market Oversight on "Capital market regulation and coronavirus". Among other things, Mr...more

Sheppard Mullin Richter & Hampton LLP

Are Loot Boxes An Illegal Gambling Mechanic?

A member of the United Kingdom’s Parliament has opened an inquiry into the legality of loot boxes. Loot boxes are virtual items that may be redeemed to receive a randomized selection of additional virtual items. Various...more

A&O Shearman

UK Regulator Consults on Regulation of Secondary Annuity Market

A&O Shearman on

The Financial Conduct Authority published a consultation paper on its proposed rules and guidance for the secondary annuity market due to start in April 2017. The consultation is aimed at parties interested in pensions and...more

A&O Shearman

HM Treasury Consults on Legislation for Secondary Annuities Market

A&O Shearman on

HM Treasury published a consultation paper on the UK Government’s proposed secondary market due to be introduced in April 2017. The market would extend the recently introduced pension freedoms and flexibilities to...more

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