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Securities Regulation Capital Markets Financial Conduct Authority (FCA)

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

A&O Shearman

Mansion House: FCA statement on market reforms and what's to come

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published a statement on its work to date reforming the UK capital markets, and what lies ahead in terms of consultations and developments expected later this year and in 2026. The...more

Mayer Brown

Faqs – What US Clients Need to Know About PISCES – a New Secondary Private Stock Market in the UK

Mayer Brown on

WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

Skadden, Arps, Slate, Meagher & Flom LLP

New UK Prospectus Rules Published

- What is new: The FCA has published final rules for the new UK prospectus regime, introducing significant reforms such as a new 75% threshold for secondary issuances, new prospectus exemptions, permitting protected...more

Hogan Lovells

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

Hogan Lovells on

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

Orrick, Herrington & Sutcliffe LLP

Prospectus Rules: Reformed

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

Mayer Brown

FAQs – What US Clients Need to Know About PISCES – A New Secondary Private Stock Market in the UK

Mayer Brown on

WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

A&O Shearman

FCA publishes final rules on UK PISCES sandbox arrangements

A&O Shearman on

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

Morgan Lewis

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

Morgan Lewis on

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

Latham & Watkins LLP

FCA’s Final Proposals for PISCES: A New Era for Private Market Trading

Latham & Watkins LLP on

On 10 June 2025, the FCA unveiled its final proposals for the Private Intermittent Securities and Capital Exchange System (PISCES), following a comprehensive consultation process. The proposals mark a significant step in the...more

Paul Hastings LLP

UK Equity Capital Markets Insights — June 2025

Paul Hastings LLP on

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

A&O Shearman on

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

BCLP on

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

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

A&O Shearman

FCA Handbook Notice 129

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published Handbook Notice 129 which sets out changes to the classes of derivatives subject to the derivatives trading obligation (DTO), following policy statement PS25/2 published...more

BCLP

London Stock Exchange Discussion Paper - Shaping the Future of AIM

BCLP on

The ‘Jewel in the Crown’ of London’s markets, AIM has been a central feature of UK capital markets for the last 30 years providing growing companies with access to capital and liquidity. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Public Markets Monitor – Q1 2025

Below is our quarterly briefing covering the most important developments for UK PLCs, UK equity capital markets and UK public M&A. In this issue, we review: - Primary Market Bulletin 54 — Strategic leaks and unlawful...more

Cadwalader, Wickersham & Taft LLP

Regulation in Flux, March 2025 - The UK’s FCA Publishes Bulletin on Leaks of Market Sensitive Information

In Primary Market Bulletin 54, the Financial Conduct Authority ("FCA") addresses concerns about deliberate, unintentional and unlawful disclosure of market sensitive information during ongoing M&A transactions. Leaks to the...more

Dorsey & Whitney LLP

Obtaining a Secondary Listing on the Main Market of the London Stock Exchange

Dorsey & Whitney LLP on

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

Hogan Lovells

FCA proposals to align retail and wholesale disclosure regimes for debt prospectuses

Hogan Lovells on

The Financial Conduct Authority (the FCA) has published a consultation on debt offerings to retail investors which proposes to introduce a single disclosure standard for debt prospectuses, removing the current distinction...more

A&O Shearman

UK FCA webpage on transparency waivers and deferrals updated

A&O Shearman on

The UK Financial Conduct Authority (FCA) has updated its webpage on transparency waivers and deferrals in light of the upcoming changes to the UK MiFIR transparency regime for bond and derivatives markets. The FCA added a...more

A&O Shearman

HMT to legislate for the UK's move to T+1

A&O Shearman on

HM Treasury (HMT) has published a response to UK's Accelerated Settlement Taskforce (AST) report recommending a plan for the UK to move to a T+1 settlement cycle for securities trades. HMT accepts the recommendation of 12...more

A&O Shearman

UK Financial Conduct Authority to consult on new short selling rules in Q3 2025

A&O Shearman on

The Financial Conduct Authority (FCA) has updated its webpage on the notification and disclosure of net short positions, providing an update on short selling. Following the publication of the Short Selling Regulations 2025 in...more

White & Case LLP

White & Case supports UK Finance and AFME on response to FCA’s PICSES consultation

White & Case LLP on

White & Case has supported UK Finance and the Association for Financial Markets in Europe ("AFME") on their joint response to the Financial Conduct Authority's ("FCA") consultation on the private intermittent securities and...more

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