Q2

UK Regulatory Update | Asset Management Sector | Q2

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Mayer Brown’s UK Regulatory Update is a quarterly newsletter for the asset management sector. In this edition, covering Q2 2025, we cover four key topics as summarised here.  Details for each topic are shown in more detail below.  You can also download a pdf of the complete newsletter using the “Resource Downloads” link below.

FCA finalises rules for PISCES – new secondary private stock market – On 10 June 2025, the FCA issued its final rules for the Private Intermittent Securities and Capital Exchange ("PISCES"). PISCES is a new type of private stock market that allows intermittent trading of private company shares using market infrastructure. The FCA has published rules for entities hosting a PISCES platform (operators), including on disclosure requirements, operating trading events and market manipulation/oversight.

FCA consults on reducing assessment of value reporting for certain authorised fund managers – On 6 June 2025, the UK Financial Conduct Authority ("FCA") issued a consultation paper relating to, amongst other things reducing the assessment of value reporting.

FCA sets out final rules on how fund managers can pay for investment research – On 9 May 2025, the FCA issued Policy Statement 25/4 – investment research payment optionality for fund managers. MiFID II introduced requirements to separate charges for research from trade execution thereby unbundling these services. The proposed changes will enable UK fund managers to use soft commission (known in the FCA rules as "joint payments") to pay for research. This will allow a joint payment option alongside existing payment options out of firm’s own resources or through an RPA (research payment account).

FCA publishes findings from its review on business models for smaller asset managers and alternative firms – On 8 May 2025, the FCA published its findings from work. The review focused on high risk investments, conflicts of interest and the consumer duty.

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