Corporate | Retail horizon scan | Reports

Companies House reform

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) has introduced a number of company law reform measures, implementation of which will continue during 2026. Compulsory ID verification for new directors of UK companies (and overseas companies with UK branches), LLP members and people with significant control (PSCs) who are individuals came into force on 18 November 2025; the transitional deadlines for existing directors, LLP members and PSCs will depend on the positions they hold: see Companies House reform: Timing of compulsory ID verification confirmed. ID verification is expected to be expanded in 2026 to apply to relevant officers of certain corporate PSCs ("Relevant Legal Entities") and corporate general partners of limited partnerships. It is expected that a prohibition on the use of corporate directors will be introduced, subject to certain exemptions. Limited partnership law will be reformed, requiring more information to be submitted to Companies House.

PISCES

Interest has been increasing in the Private Intermittent Securities and Capital Exchange System (PISCES), a framework for a new type of trading platform that will enable intermittent trading of private company shares. Institutional investors, employees of participating companies and high net worth or sophisticated investors will be able to trade shares. So far, two PISCES platform operators have been approved by the FCA. For the latest news on PISCES, please see our series of website briefings, the most recent of which is here: Understanding PISCES – who can invest and how?

New public offers regime and "POPs"

The UK's prospectus regime was replaced on 19 January 2026 with a new public offers and admissions to trading (POAT) regime. A key change is that the requirement for a prospectus for a public offer will be replaced by a general prohibition on public offers and an extensive set of exceptions to that prohibition. One of the exceptions will be offers of relevant securities made by means of a regulated platform, known as a "public offer platform" or "POP". POP operators will be regulated by the FCA.