Listing and prospectuses

Recent Articles

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  13/06/2025

  PISCES – FCA Finalises Rules for New Type of Trading Venue

  On 10 June 2025, the Financial Conduct Authority (“FCA”) published Policy Statement PS25/6 with its final rules for operating a Private Intermittent Securities and Capital Exchange System (“PISCES”).PISCES is a new form of share trading platform designed to enable secondary trading in private company shares through intermittent (i.e., occasional, time-limited) trading events. Under these rules, private companies may select the frequency and conditions under which trading may occur, including restrictions on price parameters and the types of buyers or sellers permitted to...

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  17/12/2024

  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

  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...

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  18/07/2024

  FCA overhauls the UK listing regime as part of the most ambitious listing rule reform in recent years

  On 11 July 2024, the Financial Conduct Authority (FCA) published its final policy position and rules for a revised UK listing regime to modernise the existing Listing Rules.These changes follow extensive market engagement and feedback over the last couple of years, including consultations in May 2023 and December 2023. In its final policy position, the FCA has gone further than expected (and in the face of significant dissent from certain quarters of the market), such as by the inclusion of rules allowing sovereign and other institutional investors to hold enhanced voting rights under dual class...

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  07/03/2024

  The new UK Private Intermittent Securities and Exchange System or “PISCES” – 10 things you need to know

  On 6 March 2024, the UK Government published a consultation relating to a new type of share trading platform, referred to as a “Private Intermittent Securities and Exchange System” or “PISCES”.  This was first discussed in 2022 as part of the so-called Edinburgh Reforms and is a significant development in the UK capital markets.  This article outlines 10 key points in the consultation.1. What is PISCES?A PISCES is a platform for secondary trading in freely transferable shares issued by UK or non-UK companies that are not admitted to trading on a public...

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  04/05/2023

  FCA publishes consultation paper on proposed reforms to the UK listing regime

  On 3 May 2023 the Financial Conduct Authority (“FCA”) published its consultation paper on the proposed UK equity listing rule reforms (and feedback to its discussion paper published in May 2022). The consultation paper follows extensive engagement on the UK listing regime and the recommendations from the UK Listing Review. It represents a substantial and welcome overhaul of the current listing regime, with the aim of making UK equity capital markets more competitive with other markets and attractive to companies considering an IPO. Key ProposalsThe consultation paper sets out a...

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