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The Agenda

Issue 18: June 2025

The Agenda

Editor's note

Saul Sender

In this issue of the Agenda, our recently launched Corporate department film which articulates our approach to advising startup, scaleup and mature businesses throughout their life cycle.

As momentum builds in the establishment of a new framework for platforms for trading private company shares, the latest briefing in our PISCES series discusses the final PISCES sandbox legislation and HMRC's recent guidance on how trading events will interact with discretionary tax advantaged share schemes. As start-up companies look for alternative methods of fundraising, we also take a look at the rise of Advance Subscription Agreements (ASAs) and Simple Agreements for Future Tokens (SAFTs).

We cover the key elements of UK's new Foreign Influence Registration Scheme (FIRS), which will come into force on 1 July 2025 and will require registration of arrangements with foreign powers to carry out political influence activities in the UK and registration of a broader range of arrangements with specified foreign powers and entities controlled by them.

In the regulatory sphere, we reflect on both the FCA's proposals for changes to the safeguarding regime for payments and e-money firms and the abolition of the Payment Systems Regulator.

News
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PISCES legislation is finalised and Tax implications of trading events become clearer

Momentum has started to build in the establishment of the new Private Intermittent Securities and Capital Exchange System (PISCES), with confirmation that the legislation establishing the PISCES "sandbox" will come into force on 5 June 2025 and recent guidance from HMRC on how PISCES trading events will interact with discretionary tax advantaged share schemes.

News
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Preparing for the Foreign Influence Registration Scheme

Last year's National Security Act 2023 introduced the UK's Foreign Influence Registration Scheme. While the scheme was introduced but not implemented under the previous Government, the current Government still intends to bring in FIRS as a priority, with the aim of further strengthening national security.

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Retiring the Payment Systems Regulator

On 11 March 2025, the Government announced that the Payment Systems Regulator (PSR) will be abolished as part of a wider plan to reduce regulatory burden on businesses and drive economic growth in the UK.

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