The proposals form a package of measures designed to promote UK capital raising.
By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon
On 26 July 2024, the FCA published consultation papers on a new public offers and admissions to trading regime to replace the existing UK Prospectus Regulation, and on proposals to establish public offer platforms (POPs) as a new mechanism for raising scale-up capital. These proposals form part of a package
The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity.
By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon
On 11 July 2024, the FCA released the final rules for the new UK listing regime, which will take effect from 29 July 2024.
This new regime is a culmination of the reform journey that started with the Listing Review in 2021 and which modernises the
Fighting financial crime, protecting consumers’ needs, and bolstering wholesale markets are the regulator’s key priorities for the year ahead.
By Rob Moulton, Nicola Higgs, Becky Critchley, and Charlotte Collins
On 19 March 2024, the FCA published its Business Plan for 2024/25, setting out its priorities for the year ahead. While the Business Plan now takes on less significance than it did historically given other publications in circulation such as the FCA’s 3-year Strategy and the Regulatory
UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget.
By Mark Austin, Rob Moulton, Anna Ngo, Frederick Gardner, Charlotte Collins, and Johannes Poon
On 6 March 2024, HM Treasury published a consultation paper seeking industry feedback on the UK’s proposed new regulated crossover market, the Private Intermittent Securities and Capital Exchange System (PISCES). PISCES would allow private companies to trade their securities in
This annual publication explores some of the core focus areas for UK-regulated financial services firms in the year ahead. 2023 saw significant progress on the regulatory reform agenda, and many measures consulted on or reviewed as part of the Edinburgh Reforms will be finalised and/or implemented in the course of 2024.
We also saw the passing of the Financial Services and Markets Act 2023, many provisions of which have already come into effect and have made important changes to the
The consultation paper confirms a radical approach to bolster the international competitiveness of the UK markets and return to a disclosure-based listing framework.
By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon
The FCA today published consultation paper CP23/31 setting out detailed draft rules for the new UK listing regime. The publication represents the final stage of the journey to reshape the UK Listing Rules which started with the launch of Lord Hill’s UK Listings Review in 2020. Most of the key changes reflect proposals in the FCA’s preceding consultation paper CP23/10 published in May 2023 (see this Latham Client Alert for further details).
The FRC’s future work will be assessed through the lens of the UK’s economic growth and international competitiveness.
By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon
On 7 November 2023, the FRC announced a significant and wide-ranging policy update which included a material change of direction in relation to how it will approach its work in the future and a significant recalibration of how it will take forward its consultation on proposed changes to the UK Corporate Governance Code. That consultation, which ran from 24 May 2023 to 13 September 2023, sought to implement certain proposals in the UK government’s paper, “Restoring trust in audit and corporate governance”. The vast majority of those proposals will no longer be taken forward.
SFC proposes guidelines for intermediaries conducting and receiving market soundings in securities and capital market transactions.
By Simon Hawkins and Adrian Fong
On 11 October 2023, the Securities and Futures Commission (SFC) issued a consultation paper (Consultation Paper) proposing new “Guidelines for Market Soundings” (Guidelines) for Hong Kong intermediaries conducting market soundings for securities and capital market transactions (such as private placements and block trades). Market participants will welcome this development, as the absence of specific guidance on market soundings has caused some inconsistencies in market practice, as the SFC noted following its thematic review of market soundings in 2022.
SFC-licensed intermediaries should review the Guidelines and consider whether and to what extent their existing market sounding procedures should be adjusted to comply with the Guidelines.
Companies had raised serious concerns about the additional red tape that the proposed reporting obligations would require.
By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon
On 16 October 2023, the UK government withdrew the draft Companies (Strategic Report and Directors’ Report) (Amendment) Regulations.
The regulations, which formed part of the wider proposals to reform the UK audit and corporate governance regulatory landscape, were laid in Parliament on 19 July 2023. They
As the pace of reform increases, we take a look at key developments and the timeline ahead.
Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments gathering pace before the summer break. Given the breadth and speed of the reforms, now is a good time to take stock of where things stand and what we can expect in the months ahead. In this publication, we highlight some of the key developments and set out expected dates for future progress.