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The Agenda

Issue 19: September 2025

The Agenda

Editor's note

Saul Sender

This Autumn brings further change at Companies House and in our latest company law reform briefing, we discuss the headline measure: implementation of compulsory identity verification for directors and PSCs from 18 November.

In broader law reform, our recently launched UK investment: Regulatory insights hub has been updated with briefings on both the CMA's proposed revised approach to merger control and what this means for M&A and the Government's consultation on modernising and clarifying the National Security and Investment Act regime.

On the innovation front, we take a look at financing trends in life sciences and offer a step-by-step guide to raising finance in the beauty sector. We also look at the FCA's final rules for PISCES, the framework for a new type of stock market that will give investors more opportunities to buy stakes in private companies.

In the private wealth sphere, we consider how founders, business owners and investors can futureproof their investments through a personal holding company.  

Finally, we discuss the implications of the Privy Council's landmark ruling that the shareholder rule in privilege should no longer be recognised as forming part of English law.

Hub
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UK investment: Regulatory insights

With acquisitions of, and investments into, UK businesses subject to increasing layers of regulatory scrutiny, this hub gathers ongoing insights on the key issues for acquirers and investors to consider.

News
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Financing trends in life sciences: strategic capital solutions for Oxford and Cambridge innovation hubs

Entrepreneurs in the vibrant life sciences hub of Cambridge and Oxford continue to face the significant challenge of securing capital for the journey from research to market success. Since 2021, the financing landscape has shifted dramatically. Traditional venture capital has become more selective, valuations compressed and the path to series B fundraising lengthened. In response, alternative financing models have emerged which, not only provide capital, but carry other benefits such as to preserve equity, accelerate development, and/or align stakeholder interests.

News
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The perfect base: Laying the foundations for a flawless fundraise

Raising funds for your beauty business can be a transformative step, enabling you to expand, innovate, and capture a larger market share. In the early years of a company's life, it will often need to raise external funding or capital, to accelerate its journey, and preparation is key to ensuring a successful fundraising round.

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From exit to encore: Futureproofing with a personal holding company

For founders, business owners and investors with an eye on the future, 2025 presents a timely opportunity to critically evaluate how their wealth is structured. Whether considering a business sale, planning a future venture, or thinking long-term about protecting capital and succession planning - ensuring their structure supports capital growth, tax efficiency, and flexibility in future investment or exit scenarios can unlock tangible long-term benefits.

News
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Shattering the illusion of the shareholder rule: Privy Council confirms that companies can assert legal professional privilege against their shareholders

The context to Jardine Strategic Limited v Oasis Investments II Master Fund Ltd & Ors No 2 [2025] UKPC 34 was the amalgamation of two companies within the Jardine Matheson group - a multinational conglomerate incorporated in Bermuda. Under the applicable Bermudan statute, shareholders who dissented to the amalgamation were to be paid a fair value for their shares.

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