Liz Judd

Work is progressing towards launch of the new PICES exchange whilst we await the consultation response. There might be a scaling back of ambition regarding access to the platform so we're keen to get your views on what you think of the proposals, if you'd want to use it (or at least be prepared so you can) and other comments you have so we can continue to shape our dialogue and technical input contribution with stakeholders in this process accordingly. Make your voice and views count by replying to our survey below ⬇ #PICES #PrivateCompany #ShareLiquidity

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All you need to know about public M&A in the UK this month - latest deal stats, forthcoming Code changes and market trends 📘💡 #mergersandacquisitions https://lnkd.in/eD7ycqWM

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It feels like we are on the cusp of some really exciting times for the UK capital markets. There’s certainly a lot going on by way of regulatory reform and it’s great to see so much focus being placed on ensuring the UK markets are match-fit for high-growth, innovative companies choosing to list here. Here’s a brief, high-level summary from the Gateley team on the key reforms, the state of play, and a few additional thoughts for good measure. Please do get in touch if you’d like to discuss. #Gateley #GateleyLegal #ECM

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New London Secondary Listing Rules published Today, the FCA published final listing rules for, amongst other things, the new "International Commercial Companies Secondary Listing" category, which will come into force on 29 July 2024. Jamie Corner, Caroline Chambers and I explore the impact of these changes on international companies in this article: https://lnkd.in/dKBHvXun #UKListingRules #CapitalMarkets #Internationallisting

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Interesting article from my capital markets partners Sam Meiklejohn and paul cliff some very interesting developments in this area and worth a read.

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We’re at a point now where the UK market has made huge strides in terms of reform in the past few years. The CMOT report sought to capture what we’d already done and be honest about where we still had work to do. While setting out clearly the positive narrative around reform and the UK elevator pitch. As we progress the remaining areas of reform - capital availability, both public and private, as well as further work on rem and stewardship being among them - the UK markets now also have considerable tailwinds at their back due to three main factors: 1. The reform agenda. 2. The coming capital cycle from private to public (a global phenomenon but one where the UK is now positioned once again as a leading listing venue). 3. Geopolitical considerations - the UK as an independent, stable, well-regulated, rule of law-governed, reformed and friction-free, pragmatic and flexible listing venue and financial centre that is not the US, that is not the EU and that is not Asia. We are at an inflection point, we must not squander all the progress that we have collectively achieved and must maintain the positive narrative and continue to let issuers and investors know what we have done and where we’re going. There is all to play for and, if we keep on, the match fit UK will in two to three years be in a very different place. #capitalmarketsoftomorrow #cmit #matchfit #positivenarrative #ukelevatorpitch Financial Conduct Authority HM Treasury Department for Business and Trade Financial Reporting Council London Stock Exchange LSEG (London Stock Exchange Group) CMIT - Capital Markets Industry Taskforce

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One of my and my colleagues', Gretchen Scott, Glynn Barwick, James Taylor and Matt Dixon-Ward, favourite subjects - AI and financial services regulation - and our thoughts on a recent speech from the Bank of England. Our view is and remains that, while it is still unclear that AI will introduce new risks in the world of finance, it will amplify existing risks: regulators will expect financial institutions looking to use (and technology firms looking to provide) AI solutions to take this amplifying effect into account in managing risk in their businesses. The BoE speech doesn't challenge this view BUT it does point to, if question the current orthodoxy on "technology-agnostic" financial regulation. Financial regulators would prefer to regulate finance and not regulate technology. Does AI, however, offer a special challenge that makes it increasingly difficult to separate finance and technology and the regulation of the one separately from the other? Even if the speech does not ask this expressly, it does at least cause one to ponder the question... This is something that we will pick up during our webinar scheduled for next Wednesday, November the 13th which will also include discussion of EU matters with our colleague. Celine Moille.

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The impact of the FTC ban on non-competes is potentially seismic in employment law terms. But there is lots to consider in the M&A world too - and not just in the US. My colleagues Nikki Blair and Geraint Tilsley look at what restrictive covenants are, how they are used in M&A transactions in the US and UK and whether there are any changes on the horizon that may alter this approach in the future. 👇

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Only one week to go until my colleague Jonathan Blake chats with Catherine Lewis La Torre. There's still time to register your interest to join us in-person at #HSF – please see below for details.   #privatecapital #privateequity #venturecapital #BVCA #funds #fundmanagers #assetmanagers 

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Delighted to have attended the 2024 British Private Equity & Venture Capital Association (BVCA) Technical Policy Conference today with Mike Hinchliffe, Jan Grüter and Zoe Fatchen Some interesting and practical insights into a number of legal and regulatory developments that impact the private equity and private funds industry: - whilst early indications are that the drive for competitiveness suggests that the UK will not be implementing AIFMD 2, at the same time the current UK government is looking for closer alignment with the EU - so watch this space; - the Financial Services Regulation Panel welcomed last week’s Mansion House speech announcement of the expected commitment by HM Treasury, PRA and Financial Conduct Authority to consult on the replacement of the SMCR Certification Regime as it applies to staff below the senior management level with a more proportionate regime; - an excellent session from Patricia Volhard and Henriika Hara on UK and EU sustainability policy and regulation - the panelists' noted that the market is trending towards article 8 - which was backed up by an audience poll that suggested a limited appetite for article 9 funds moving forward; and - the new carried interest regime from 6 April 2026 which will create an effective tax rate of 34.075% taking the UK to the top of the table along with France and New York. The panel discussed income based carry and the administrative burden that would create. It was also noted that non-UK residents will be taxed on carry to the extent that they provide services in the UK (subject of course to double tax treaties). Please do not hesitate to contact me, Mike Hinchliffe, Jan Grüter or Zoe Fatchen if you’d like to discuss any of these developments. #privatefunds #readysteadygrow #privateequity #privateequityfirms

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Some significant changes in the recently updated Investment Association's Principles of Remuneration (Principles) reflect the growing momentum for a boost to the competitiveness of the UK as a market for companies to list in and to put UK public limited companies in a better position to attract and retain senior executives in the global market. Read further about the updates to the Principles in our OutLaw article below. #equityincentives #executiveremuneration Pinsent Masons

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This article outlines everything you need to consider when setting up a private company in the UK. ➡️https://okt.to/bT7CtL

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Wherever the wealth is Bedell Cristin can help you with top notch Private Client services.

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We're very busy on UK public M&A right now. Read more about what's going on here: White & Case is delighted to share its contribution to the LexisNexis UK Market Standards Trend Report, Trends in UK Public M&A in H1 2024, which examines the 29 firm offers, 32 possible offers and 8 announcements of formal sale processes and/or strategic reviews, which were announced between 1 January 2024 and 30 June 2024. Read the full analysis here (sign-up required): https://ow.ly/XttL50SP7rw #LexisNexis #LexisNexisUK #PracticalGuidance #PublicM&A #MarketInsights #Corporate #Competition

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Why is the Gender Pay Gap in FTSE 100 Companies 68%? Ready for a shocker? In the FTSE 100, the gender pay gap for directors is alive and well. This year it is 68%, down slightly from last year’s 70%. On average, female board members earn £335,953 compared to £1,070,000 for their male counterparts. Why is there this gap? Wasn't the Equal Pay Act passed in 1970? That’s 54 years ago! Let’s break it down: The Role Divide: A staggering 91% of women on FTSE 100 boards hold non-executive director (NED) roles. Meanwhile, over two-thirds of executive roles, which command higher pay, are held by men. The Quick Fix: It was only 2015 when there were more Directors called John than there were women. To combat this many companies hurriedly added women to NED roles. The gender imbalance may have narrowed, but the pay gap has barely budged. Now, the glimmers of hope: Female directors’ salaries rose by 9% last year, compared to just 3% for men. But here’s the real question for HR professionals: Is this a corporate quirk, or does it mirror the rest of society? From your workforce to your leadership pipeline, how can you ensure equity isn’t just about appearances? What’s your take? Let’s dig into the nuances! #HR #EqualPay #UKEmploymentLaw

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FD I didn’t know that… Our Foreign Direct Investment (FDI) group have written the first article of a two part series exploring the key areas of which investors, and those active in M&A, need to be aware. In this first article, we consider topics relevant to the initial considerations when assessing the need to make FDI filings. Click here to read: https://bit.ly/47nkOJc

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It was great to be at the CMS UK and Pedersen & Partners Private Equity breakfast to hear from a range of different panel speakers from Tresmares Capital, EBRD, Deloitte, Queen's Park Equity, GHO Capital Partners LLP and AnaCap, expecting chaired by Poul Pedersen and our own Valentina Santambrogio. A few key takeaways: - transaction activity has rebounded in 2024, though at the moment only really in the large cap market. The trickle down to mid-market deals hasn't quite happened yet, with this expected to take another 3 - 6 months; - the level of fragmentation in the market is a huge opportunity and there is a lot of dry powder and debt available to be deployed to take advantage of this; - ESG is being embraced across the industry and Boards and non-executive directors are being set up to recognise its importance so they are able to hold management teams accountable; - the importance of ESG to exit opportunities is being recognised by buyers, with operational KPIs now being looked at in the same light as financial KPIs; - the fundraising environment remains challenging; - tech enablement and artificial intelligence are where the purse strings are being loosened and AI should be seen as an evolution of the tech industry rather than a total gamechanger; and - healthcare, technology and education are doing well from a sectoral perspective and identifying niches within sectors is a growing requirement. You can find out more about the CMS view of the PE market in our European Private Equity Study 2024 here: https://lnkd.in/ewG5qEhg #privateequity #CMSCorporate #cmslaw #opportunity #growth

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