Freshfields

The FCA has today published final rules to implement the new public offers and admissions to trading regime (in PS 25/9, following its consultation in CP24/12).  The FCA expects the new rules to come into effect on 19 January 2026. 

While the FCA plans broadly to retain the existing UK Prospectus Regulation requirements on IPO, the new regime will introduce significant reforms – in particular the increased 75% threshold for further issues.  We summarise the key changes below.  We have discussed the implications of the increased threshold with many of our clients and fellow capital markets participants - for more information on the proposed prospectus regime changes please get in touch with your usual Freshfields capital markets contact.

Freshfields

The FCA has now published its final rules for prospective operators of the new PISCES platforms (Private Intermittent Securities and Capital Exchange System), which will run for five years in a regulatory sandbox. While the FCA rules set out a framework for how PISCES platforms will work, much of the detail is left to operator discretion, so the rules that apply to participating companies on each PISCES are likely to vary between platforms. The LSE will publish the rules for its planned PISCES – the Private Securities Market – in the coming weeks/months. Ahead of that, we set out below a quick reminder of some of the key features of this new type of private securities market, where shares in private companies can be traded during intermittent trading events, with access to the full distribution infrastructure of the public markets through open or permissioned auctions.