Update on the UK and European Capital Markets for 2025: “All change!”
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In 2024, UK and European capital markets experienced significant reform. The UK Financial Conduct Authority (FCA), as part of UK government efforts to simplify, modernise and reinvigorate UK capital markets, overhauled and implemented new UKLRs. The UKLRs pave a way for further reforms of the UK’s public offer and prospectus regimes. Final rules are expected to be released in the summer. The EU Listing Act introduces major changes to the EU market abuse regime and prospectus requirements, which are intended for EU listed issuers. The EU Listing Act is a part of the EU Capital Markets Union Project, which aims to increase the attractiveness of EU Capital Markets. These reforms are generally well received on both sides. The reforms are not all the same, whether they have been implemented or proposed. They also present a notable divergence in the UK and EU regimes for the first time after Brexit.
