TO BE PUBLISHED January 2026
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This conference will examine next steps for developing the UK listing regime.
It will be an opportunity to assess key developments and implementation challenges arising from the transition from the 2021 UK Listings Review and the 2024 overhaul of the UK Listing Rules through to implementation of the new Public Offers and Admissions to Trading regime, alongside the work of the Listings Taskforce and concierge service and the progress of the PISCES pilot.
Policy development & implementation
Areas for discussion include implications of the Financial Services Growth and Competitiveness Strategy and the FCA’s PS25/9 and PS25/10 policy statements for capital raising and disclosure, market access, and preparing for the transition to the new regime. Delegates will discuss practical implications for prospectuses and secondary fundraising under the new 75% threshold, and how the use of safe-harbour provisions for forward-looking statements might affect issuer confidence, the treatment of liability and enforcement, and the approach taken to disclosure transparency.
Attendees will consider the potential impact on issuer behaviour and investor confidence of guidance that the FCA intends to publish later in 2025 on how issuers should interpret and comply with the new listings and disclosure framework - including on takeover exemptions, climate‑related disclosures, and working capital statements.
Regulation, oversight & compliance
Further discussion is expected on authorisation and oversight of public offer platforms - including implications for retail participation, investor protections, and confidence in market integrity.
Areas for discussion include alignment of streamlined listing and disclosure processes with regulatory priorities for compliance and oversight, and the coordination that will be needed between HM Treasury, the FCA, the Office for Investment, and exchange operators.
Private Intermittent Securities and Capital Exchange System
Planned sessions will assess how PISCES compares with AIM and Aquis, and what will be needed from its implementation to support liquidity for growth companies, improve valuation transparency, and ensure proportionate safeguards for investors as the pilot progresses. Discussion will also look at approaches to mitigating the effects of trading patterns during the pilot on price stability, company valuations, and market confidence, and maintaining the reliability of information and research available to investors.
UK listings market attractiveness
Attendees will consider wider factors influencing decisions on where to list, such as availability of UK-based investment capital, signals from pension funds on investment allocation, stamp duty, and the design of the Government’s planned campaign to boost individual participation in UK share ownership. We also expect discussion on the role of the British Business Bank, sovereign investors and other bodies in boosting confidence in the UK market and supporting the pipeline of listings through 2026 and beyond.
Overview of areas for discussion
- POATR implementation: resourcing needed by issuers, advisers, and regulators - readiness of filing systems - impact on cross-listed companies
- fundraising thresholds: application of the 75% test in complex structures - effects on smaller issuers - interaction with overseas fundraising rules
- disclosure guidance: balance between transparency and liability in forward-looking statements - impact of climate reporting on smaller issuers - consistency of takeover exemption criteria
- platform oversight: supervision where multiple platforms are authorised - risks of retail miss-selling - lessons from other sectors on surveillance
- listings taskforce: scope of concierge service across issuer types - scepticism on capacity to drive change - ability to flag systemic issues
- PISCES design: trading incentives from stamp duty exemptions - effects on employee share schemes - criteria for pilot success to 2030
- trading dynamics: impact of intermittent trading on price discovery - knock-on effects for private valuations - suitability of disclosure timetables
- international context: structural drivers of valuation discounts - influence of adviser coverage and culture of risk aversion - role of sovereign investors
- retail investment campaign: clarity of leadership between HM Treasury, the FCA, and industry - scope for consumer safeguards - options for coordinated financial education
