The London equity markets are experiencing regulatory changes, renewed momentum and signs of market recovery. In this four-part series, our capital markets experts examine the major trends and developments influencing London equity markets and consider the outlook for 2026.
These articles explore the key themes shaping the markets today, and among them include the new UK public offers and admissions to trading (“POAT”) regime; the future of AIM; PISCES and share digitisation; and changes to the UK Takeover Code.
Please see the links below to each article in the series:
New UK Public Offers and Prospectus Regime
Our first article looks into the UK’s new POAT regime which has finally come into force and replaces the previous regime under the EU-derived UK Prospectus Regulation. Here we outline the main aspects of the new POAT regime and its key changes with a focus on public offers and primary MTFs.
Feedback on Shaping the Future of AIM and New Virtual Shareholder Meeting Guidance
Our second article focusses on the plans for the future development of AIM as set out in the London Stock Exchange’s recent Discussion Paper Feedback Statement: Shaping the Future of AIM, as well as the new best practice guidance published by the GC100 on virtual shareholder meetings. We look at key proposals and rule changes, their implications and external factors that will be influential to the future of AIM.
PISCES and Share Digitisation
This third article looks at developments relating to the new Private Intermittent Securities and Capital Exchange System (“PISCES”) for unlisted shares. We consider the launch of the new PISCES trading platform; the Private Securities Market established by the London Stock Exchange; and the progress being made in terms of the digitisation of publicly traded shares in the UK.
Changes to the UK Takeover Code, QCA Code report and FCA Insider Dealing Fines
Our fourth article focusses on changes to the UK Takeover Code; the recent QCA report on its Corporate Governance Code; and fines issued by the FCA to two individuals for insider dealing in shares of an AIM company.
You can find all of our previous capital markets-related articles here.
