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Streamlining the SMCR: unpacking the Leeds reforms HM Treasury, the PRA and the FCA have published consultation papers on reforming the Senior Managers and Certification Regime (SMCR). This follows the regulators’ joint discussion paper (FCA DP23/3 and PRA DP1/23) on reviewing the operational aspects of t... New public offers and admissions to trading regime: FCA publishes final rules The FCA has published the final version of its prospectus rules under the new public offers and admissions to trading regime that will replace the current regime on 19 January 2026. The FCA has published the final version of its prospectus rules under the... SAMR Issues Three Conditional Clearances after Year-long Hiatus: A Green Light for Dealmakers? Almost a year since its last conditional clearance decision, the Chinese competition authority, the State Administration for Market Regulation (SAMR), recently conditionally cleared three deals within the span of four weeks. These decisions include deals ... Reforming UK Financial Services: Takeaways for Treasurers The Government has provided the financial sector and its customers with an abundance of summer reading material. On 15 July, the Chancellor unveiled the “Leeds Reforms”, in the form of the Government’s Financial Services Growth and Competitiveness Strateg... The Leeds Reforms 2025: Key takeaways and implications Hong Kong launches stablecoin regime Key takeaways Hong Kong has established a comprehensive regulatory regime on the issuance, offering and marketing of fiat-referenced stablecoins, with the Stablecoins Ordinance coming into effect on 1 August 2025. Issuers, distributors and other intermed... Competition and Regulatory Newsletter: CMA details new approach to implementing “4Ps” in markets work The UK’s Competition and Markets Authority has set out how it plans to embed its "4Ps" framework its markets work, describing the development as a “step change to how the markets regime operates”. The UK’s Competition and Markets Authority has set out how... Regulated Asset Base Models: Their role in energy and infrastructure investment in the UK The Regulated Asset Base (RAB) model is a tried and tested method used in the UK to finance major infrastructure assets. The model aims to strike a balance between delivering value for money to consumers and providing long-term stability for investors. Fo... Virgin Media - a solution at last? The Government has tabled amendments to the Pension Schemes Bill which are aimed at addressing the problems which have arisen as a result of the decision in the Virgin Media case. Trustees and sponsors that had placed dealing with Virgin Media issues on h... Employment Bulletin - September 2025 Topics covered in this bulletin: Legislation update Employee of temporary work agency was part of organised grouping for TUPE service provision change Former employee could rely on estoppel to enforce exercise of share options after termination Pilot hir...