United Kingdom: Debt Capital Markets

The EU and UK prospectus regimes govern disclosure requirements for securities offered to the public and/or admitted to trading on a regulated market.

The significance of this topic for many clients arises because the UK is home to some of the largest and most significant commodity derivative markets in the world.

On 14 July 2025, the FSMA (Regulated Activities etc) (Amendment) Order 2025 (the "DPC Legislation") brought unregulated deferred payment credit ("DPC") within the UK Financial Conduct Authority's ("FCA") remit.

The decision demonstrates how a good faith change of position defence can shield recipients of mistaken payments from liability in unjust enrichment claims

For many Software as a Service (SaaS) businesses, maintaining rapid growth momentum in respective addressable markets is paramount.

The High Court has dismissed an interim mandatory injunction application made by a bond issuer, seeking to compel an investment bank to instruct the settlement agent to release funds received...

The UK's competition watchdog, the Competition and Markets Authority (CMA), has rarely been out of the news in recent months, mostly in relation to criticism of its approach to merger control, the decision by the UK Government to replace its Chair and the agency's promise in turn to enact root-and-branch reform.

On 23 January 2025, the FCA published its updated analysis of risks of money laundering through the capital markets (MLTM). This was followed shortly afterwards by a 'Dear CEO letter' to wholesale broker firms in which the FCA expresses the view that (despite improvements since 2019) some firms are not yet compliant in this area

Over the past few years, we have seen growing interest in Commercial Paper (CP) programmes with a sustainable focus.