The following is part of our annual publication Selected Issues for Boards of Directors in 2025. Explore all topics or download the PDF.
UK and European capital markets underwent significant reform in 2024. The UK Financial Conduct Authority (FCA) overhauled the UK listing regime and implemented new listing rules (UKLRs) as part of the UK government’s efforts to simplify and modernise the regime and reinvigorate the UK capital markets. The UKLRs pave the way for further reform of the UK’s prospectus and public offer regimes, with final rules expected in the summer. In the EU, the EU Listing Act introduces fundamental changes–to the EU market abuse and prospectus regimes, in particular – which are intended to simplify and standardise requirements for EU listed issuers. The EU Listing Act is part of the EU’s Capital Markets Union project aimed at increasing the attractiveness of EU capital markets. These reforms have generally been positively received on both sides of the Channel. Despite some alignment amongst the reforms (whether implemented or proposed), they also introduce notable divergence between the UK and EU regimes, for the first time since Brexit.