Private Client analysis: The UK Government’s Budget of 30 October 2024 announced significant and wide-ranging tax changes to come into effect from 6 April 2025. This has left many clients struggling to grapple with what it all means for them and wondering whether they should be packing their bags to leave the UK before the end of the tax year.

STOP PRESS: In March 2025, the government announced its intention to consolidate the Payment Systems Regulator and its functions primarily into the Financial Conduct Authority. The move is intended to streamline the regulatory environment, reduce overlap, and allow businesses to focus on innovation and service delivery. It is not clear when the change will come into effect but HM Treasury has said in a letter that it intends to consult on the details of the proposal over the course of summer 2025 and that it will legislate as soon as possible. In the interim, the PSR and FCA plan to collaborate closely. Meaning of interchange fees Interchange fees are costs incurred by a merchant when a cardholder pays for a transaction with a credit or debit card. These fees arise during the card payment process, which typically involves the following five parties: • cardholder—the consumer making a payment using a credit or debit card • merchant—the merchant that accepts payment by credit or debit card • acquiring bank—the merchant’s bank that pays the purchase price of the

The UK Judiciary has examined the potential impacts of artificial intelligence on the justice system and intellectual property law. In a speech by Lord Justice Birss, key considerations include AI's role in summarising legal documents, potential future AI decision-making in certain cases, and challenges in patent law. The Judiciary has issued guidance on AI use, emphasising data privacy and user responsibility. Recent cases, such as Emotional Perception and Thaler, have clarified AI's status in software patentability and inventorship. The speech also highlights emerging issues in determining human versus machine inventorship and AI's influence on obviousness in patent law.

The Courts and Tribunals Judiciary has published an extensive new Chief Coroner's guidance for Coroners on the bench, replacing and expanding upon previous guidance notes. This comprehensive bench book, developed by a team of experienced coroners and legal experts, covers all aspects of court inquest work. The guidance aims to promote consistency and best practice among coroners, addressing topics such as inquest procedures, interested persons, open justice, anonymity, jury inquests, and reports to prevent future deaths. Designed as a "live" document, it will be regularly reviewed and updated to ensure its continued relevance and accuracy.

The Right Honourable Sir Keith Lindblom, Senior President of Tribunals, has published his 2024 annual report, highlighting a busy year for the tribunal system. The report addresses the impact of policy and legislative changes across various chambers, as well as increasing caseloads. Sir Keith, in his final year as Senior President, reflects on progress towards strategic objectives set in 2020, emphasising the tribunals' commitment to maintaining access to justice and upholding the rule of law. The report includes accounts from the Honourable Mrs Justice Eady DBE on the Employment Appeal Tribunal, President Judge Barry Clarke on Employment Tribunals in England and Wales, and President Judge Susan Walker KC on Employment Tribunals in Scotland.

The Right Honourable Lord Justice James Dingemans, Senior President of Tribunals, has published his 2025 annual report, setting out priorities for reducing backlogs, advancing digitisation, improving transparency and strengthening the One Judiciary and inclusion agenda. In his first report since taking office in August 2025, he reflects on rising caseloads across multiple chambers, steps to improve listing practices and judicial capacity, ongoing work to address judicial security concerns, and the continuing development of digital processes following the end of the HMCTS Reform Programme. He acknowledges the contribution of his predecessor, Sir Keith Lindblom, and includes updates from the Presidents of the Upper Tribunal, First-tier Tribunal, Employment Tribunal and Employment Appeal Tribunal on notable cases, operational changes, diversity initiatives and leadership movements across their jurisdictions.

Regulatory body responsible for the listing of shares on the Stock Exchange.

This Practice Note looks at the main recommendations for reform of the UK listing regime in Lord Hill’s UK Listing Review report published on 3 March 2021 and how the government and FCA are taking the recommendations forward. For further details of the reforms to the listing and prospectus regime see Practice Notes: • Reform of the UK listing regime—fundamentals • UK prospectus regime reform • The public offers and admissions to trading regime (POATRs)—fundamentals • UK Secondary Capital Raising Review, and • UK listing and prospectus regime reform—progress tracker UK Listing Review—call for evidence On 19 November 2020, in preparation for the end of the Brexit implementation period, HM Treasury launched a review of the UK’s listing regime to be undertaken by Lord Hill, a former EU financial services commissioner. The review commenced with the publication of a Call for Evidence asking for views from market participants on five keys areas: free float requirements, dual class share structures, track record requirements, prospectuses and dual and secondary listing. General comments on how the UK capital markets might

This checklist compares the eligibility requirements and key continuing obligations under the UK Listing Rules (UKLR) for companies with a listing of equity shares in the following listing categories of the Official List: equity shares (commercial companies), equity shares (international commercial companies secondary listing), equity shares (shell companies) and equity shares (transition). It also considers the key continuing obligations under the Disclosure Guidance and Transparency Rules (DTR). Listed companies will also have obligations under the UK Market Abuse Regulation, which are outside the scope of this checklist. Eligibility requirements Equity shares (commercial companies) Equity shares (international commercial companies secondary listing) Equity shares (shell companies) Equity shares (transition) Applicant duly incorporated/ validly established/operating in conformity with constitution YesUKLR 3.2.1R YesUKLR 3.2.1RIn addition:—applicant must be an overseas company, UKLR 14.2.1R, and—place of central management and control must be in country of incorporation/country of qualifying home listing, UKLR 14.2.4R YesUKLR 3.2.1R N/A as category closed to new applicants Securities to conform with laws/duly authorised YesUKLR

This fundamentals note considers the class tests in the UK Listing Rules (UKLR) used to classify the size of a transaction undertaken by a company listed in the equity shares (commercial companies) listing category (referred to as the commercial companies category). References to a listed company in this Practice Note are to a company listed in the commercial companies category. Companies with equity shares listed in other listing categories are also subject to rules on transactions under the UKLR but are outside the scope of this Practice Note. What are the class tests used for? The class tests (also referred to as percentage ratios) are a series of tests which are used to assess the size and importance of a transaction undertaken by a listed company or its subsidiary undertakings. The results of the class tests determine how significant the transaction is relative to the listed company and what action under the UKLR, if any, the listed company needs to take. These rules are primarily aimed at ensuring that shareholders are kept fully informed of, and in

Chapter 9 of the UK Listing Rules (UKLRs) of the Financial Conduct Authority (FCA) imposes various continuing obligations on a company with a listing of equity shares in the equity shares (commercial companies) category (listed company) which must be observed by the company in order to maintain its listing on the Official List. For more information on listed companies, see Practice Note: The UK listing regime. The UKLR 6.6R requires the disclosure of certain financial information by a listed company in its annual financial report. The UKLR 6.6R requirements for UK and overseas listed companies are discussed below, along with an outline of the UKLRs applicable to annual financial reports of other listed entities, and a summary of the changes proposed by the FCA in its consultations. References in this note to UK companies are to companies incorporated in England and Wales, Scotland and Northern Ireland (but not the Channel Islands or the Isle of Man) and references to overseas companies are to companies incorporated outside the UK. Interaction with the DTRs UK

Tracker overview This UK Listing Rules (UKLR) tracker contains a summary of recent and proposed changes to provisions in the UKLR sourcebook as well as related legislative and regulatory developments, guidance and updates. The UKLR sourcebook came into force on 29 July 2024 following a restructuring the listing regime. The tracker also contains links to consultation papers, policy statements, practical guidance and notices issued by the Financial Conduct Authority (FCA). For full information on the restructuring of the listing regime, see Practice Note: Reform of the UK listing regime—fundamentals. For destination tables showing where rules contained in the former Listing Rules are found in the UKLR (to the extent they have been carried forward in the new rules), see Practice Note: Listing Rules to UK Listing Rules—destination tables. Developments in 2026 Date Document Description 26/06/2026 CP 26/21: Proposed changes to the UK Listing Rules for closed-ended investment funds CP 26/21 was published containing proposals for targeted adjustments to the UKLRs for investment entities, including bringing proposed investment managers within the scope of the UKLR 11 relevant related