United Kingdom: Securities

The London Stock Exchange has implemented significant revisions to the AIM Rules for Companies following its June 2026 consultation paper, introducing substantial changes to admission requirements, transaction thresholds, and disclosure obligations. These reforms include replacing traditional working capital statements with targeted financial disclosures, introducing a voluntary Capital Access Window for fundraising suspensions, and aligning substantial transaction thresholds with Main Market standards at 2

The London Stock Exchange has published revised Alternative Investment Market Rules designed to make it easier for companies to join AIM, facilitate acquisitions, and streamline fundraising processes. Key changes include new express market routes for international issuers, removal of working capital statement requirements, increased thresholds for substantial transactions, and greater flexibility in corporate governance disclosure.

In July 2026, there were nine Rule 2.7 announcements made across the UK public M&A market and nine further possible offers announced.

The High Court has adjourned a landmark securities class action trial that was scheduled to begin in October 2026, marking what would have been the first such claim under the Financial Services and Markets Act 2000 to proceed to trial. The decision highlights the complex interplay between civil and criminal proceedings when substantial overlap exists, as the court weighed the risk of prejudicing ongoing criminal prosecution against the principle of open justice.

The EU's reformed Market Abuse Regulation took effect in June 2026, fundamentally changing how issuers handle inside information during protracted processes by eliminating disclosure requirements for intermediate steps. While the EU loosens its framework, UK MAR remains unchanged, creating a widening regulatory gap that dual-listed issuers must now navigate through bifurcated compliance strategies.

The UK Financial Conduct Authority has published proposals to clarify how the Consumer Duty applies to wholesale firms, aiming to address concerns about over-implementation and lack of clarity. While the consultation introduces territorial scope limitations and specific exclusions, the proposed changes largely consist of minor clarifications rather than the substantial overhaul many firms anticipated.

The European Commission's 2025 reform package marks the most consequential recalibration of the EU securitisation framework since 2019.

In April 2026, there were four Rule 2.7 announcements made across the UK public M&A market and six further possible offers / sale processes announced.

The Private Intermittent Securities and Capital Exchange System (PISCES) is a new type of stock market that will allow for secondary trading of private company shares.