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Securities Regulation United Kingdom

Jones Day

Crypto Exchange-Traded Products: Navigating the Intersection of Crypto and Securities

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Direct ownership of crypto-assets or mere exposure to the value of crypto-assets is an investment decision, with both investment methods requiring specific approaches to mitigate and manage risks effectively....more

Morgan Lewis

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

Morgan Lewis on

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

Goodwin

PISCES 101 - The Private Intermittent Securities and Capital Exchange System: What you need to know about the world’s first...

Goodwin on

What is PISCES?  The Private Intermittent Securities and Capital Exchange System (PISCES) is a UK government–backed initiative designed to enable private companies to offer and trade their existing shares in a controlled,...more

Paul Hastings LLP

UK Public Offers and Admissions to Trading Regime

Paul Hastings LLP on

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

UK Mansion House 2025: UK government supports digitisation of UK shareholding framework

A&O Shearman on

The Digitisation Taskforce has published its final report, recommending a three-step plan to modernise the UK shareholding framework by eliminating paper share certificates and transitioning to a fully digitised and...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

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - July 17, 2025

Lowenstein Sandler LLP on

On July 16, Commissioner Hester M. Peirce gave a speech at London’s Guildhall with other financial regulators and industry leaders. In her speech, Commissioner Peirce highlighted the historic ties between the U.S. and the...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 for public offers and admission to trading regime

A&O Shearman on

On July 15, 2025, the Financial Conduct Authority (FCA) published its Policy Statement PS25/9 setting out the final rules to implement the Public Offers and Admission to Trading Regulations 2024 (POATRs). These rules, which...more

Hogan Lovells

Summary of UK Takeover Panel Practice Statement 35 (PS35): Profit forecasts, quantified financial benefits statements and...

Hogan Lovells on

PS35 provides further guidance on how the Panel usually applies Rule 28 (profit forecasts and quantified financial benefits statements) in practice. Rule 28 lays out relatively stringent regulatory obligations/reporting...more

Latham & Watkins LLP

Digitisation Taskforce Unveils the End of Paper Share Certificates

Latham & Watkins LLP on

Final report recommends the digitisation of UK shareholdings through a fully intermediated system of shareholding, with an interim phase of digitised share registers....more

A&O Shearman

UK FCA Handbook Notice 131

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The UK Financial Conduct Authority (FCA) has published Handbook Notice 131, outlining updates to the FCA Handbook resulting from the following statutory instruments. Enforcement Guide (Amendment) Instrument 2025. Revokes the...more

White & Case LLP

FCA finds evidence of unusual trading ahead of 38% of takeover announcements

White & Case LLP on

In its latest annual Market Cleanliness report published yesterday, the Financial Conduct Authority (FCA) has found that 38% of UK takeover targets in 2024 experienced an abnormal increase in their share price in the two days...more

A&O Shearman

Executive directors “knowingly concerned” in bank’s breach of the UK listing rules

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The UK Upper Tribunal (Tax and Chancery) has upheld the Financial Conduct’s Authority’s (FCA) decision to take action against two former executives of a bank for being “knowingly concerned” in the bank’s breach of the listing...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

A&O Shearman

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

A&O Shearman on

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

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

Hogan Lovells

PISCES – FCA publishes its final rules and welcomes applications from market operators

Hogan Lovells on

The Financial Conduct Authority (FCA) has released its final rules regarding the Private Intermittent Securities and Capital Exchange System (known as PISCES), the new platform designed to host intermittent secondary trading...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

Latham & Watkins LLP

Recent Developments for UK PLCs June 2025

Latham & Watkins LLP on

On 3 June 2025, the Financial Reporting Council (FRC) published the UK Stewardship Code 2026. The new Code, effective from 1 January 2026, aims to foster long-term sustainable value creation and improve engagement quality...more

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