Equity Capital Markets

Recent Articles

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  02/04/2025

  United Kingdom

  Economic Crime and Corporate Transparency Act 2023: Launch of the Identity Verification Regime

  The Government’s new identity verification (IDV) regime for directors and controllers of UK companies launches on 8 April 2025. The regime will also apply to members and controllers of limited liability partnerships (LLPs) and, more narrowly, to limited partnerships and overseas companies with an establishment in the UK. The IDV regime is part of the package of reforms contained in the Economic Crime and Transparency Act 2023 (ECCTA) aimed at tackling economic crime and preventing the abuse of corporate structures by enhancing the transparency of corporations and those that control them.Until...

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  26/02/2025

  United Kingdom

  FCA proposals for retail investor participation

  IntroductionThe Financial Conduct Authority (FCA) has recently proposed significant changes aimed at simplifying the prospectus regime for equity and bond issuances. These proposals address the long-standing issue of retail investors being excluded from new issues by listed companies and aim to encourage greater participation in both the equity and corporate debt markets. Current Challenges for Retail InvestorsRetail investors have frequently been excluded from investing in new issues by listed issuers, whether of shares or bonds. From the perspective of issuers, opening up fundraisings...

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  10/02/2025

  England and Wales

  Securities litigation: reliance and liability

  On 25 October 2024, the High Court delivered a significant judgment in the case of Allianz Funds Multi-Strategy Trust (on behalf of AllianzGI Best Styles Global Equity Fund) and Others v Barclays PLC ([2024] EWHC 2710 (Ch)). The judgment, delivered by Mr Justice Leech, addresses key issues in securities litigation.Applications and backgroundThe judgment primarily dealt with two applications: (i) the Strike Out Application by Barclays; (ii) and the Amendment Application by the claimants. Barclays sought to strike out 241 claims brought by the claimants under section 90A and Schedule 10A of the Financial...

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  09/12/2024

  United Kingdom

  PISCES: Navigating the New Waters of Private Share Trading

  The Government is pushing forward with its plans to introduce PISCES next year and has published draft legislation with substantive changes to the previously published proposals. Excitingly, the revised proposals go materially further than the March 2024 consultation and we expect will make the platform much more attractive.What is PISCES?PISCES stands for “Private Intermittent Securities and Capital Exchange System”.  It is a proposed new regulated market for private company shares, in the form of a trading platform that allows for the intermittent trading of such shares. Following...

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  26/11/2024

  United Kingdom

  FCA publishes additional guidance on MAR

  On 15 November 2024, the Financial Conduct Authority (FCA) published Primary Market Bulletin 52 (PMB 52), which provides helpful guidance on applying the UK Market Abuse Regulation (MAR) in different scenarios. PMB 52 focuses on identifying and managing inside information, communicating with shareholders during calls and meetings, and releasing regulatory information during disruptions to primary information providers (PIPs). The guidance is aimed at listed companies subject to MAR (e.g. Main Market, AIM or Aquis companies) and their advisers. The FCA’s key observations are set out below.Identifying...

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  12/11/2024

  United Kingdom

  What are the implications of the new Listing Rules for property companies?

  IntroductionOn 29 July 2024, the new Listing Rules became effective (new UKLR), marking the most significant changes to the regulatory framework in over three decades. As confidence in the IPO market starts to slowly return, this briefing looks at the impact of the changes on property companies that are thinking of listing in London.ESCC or closed-ended investment fund?The new UKLR created a simplified single listing category for equity shares in commercial companies (ESCC), replacing the previous two tier regime of “premium” and “standard” listings. Closed-ended investment...

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