May’s news

Registrar of companies receives new powers

On 14 May 2025, the Companies and Limited Liability Partnerships (Annotation) Regulations 2025 were published. The regulations provide the Registrar of Companies with new powers and duties to annotate the public register, such as enabling the Registrar to annotate the register to reflect that a director is subject to disqualification sanctions, that a person has failed to comply with a notice requiring them to provide information and that the Registrar is intending to take steps to strike a company’s name off the register.

Regulations setting out PISCES framework published

On 15 May 2025, HM Treasury announced that it will launch the Private Intermittent Securities and Capital Exchange System sandbox (PISCES) to support emerging companies and strengthen the UK’s capital markets. The new platform is planned to provide a controlled environment in which private companies can trade shares during designated periods, offering them a structured way to access capital and progress toward potential public listings. The regulations setting out the framework are due to come into force on 5 June 2025.

FRC publishes feedback statement on future digital reporting

On 15 May 2025, the Financial Reproting Council (FRC) published stakeholder insights in a feedback statement on its discussion paper on opportunities for future UK digital reporting. The discussion paper noted that each of the Financial Conduct Authority (FCA), Companies House, HMRC and the Charity Commission for England and Wales is considering significant and substantial changes to their digital filing requirements.

Draft regulations published concerning the protection of personal information on the public register

On 15 May 2025, the draft Protection and Disclosure of Personal Information (Amendment) Regulations 2025 were published, together with a draft Explanatory Memorandum. The regulations will widen the range of circumstances in which individuals may apply to the registrar of companies to protect their personal information. The regulations will come into force on 21 July 2025.

Applications open for PISCES sandbox

On 27 May 2025, the FCA announced that it will be running a sandbox until June 2030 to test the regulatory framework for PISCES, the recently launched Private Intermittent Securities and Capital Exchange System platform. The FCA and HM Treasury will monitor the outcomes and decide whether to transfer PISCES into permanent legislation at the end of the period.

FRC concludes annual review of FRS 101

On 28 May 2025, the FRC announced that it had completed its annual review of FRS 101 (Reduced Disclosure Framework) and made certain amendments. This follows its consultation in respect of proposed amendments to FRS 101 (FRED 86) in December 2024.

FRC issues joint statement on responsible corporate governance

On 28 May 2025, the chairs of eight European corporate governance code institutions, including the FRC, issued a joint statement reaffirming core governance principles. The statement underlines that corporate governance codes, both at national and European levels, are not static rulebooks, but dynamic frameworks designed to guide companies toward sustainable success.

Looking ahead to June 2025

5 June – regulations establishing PISCES as a financial market infrastructure sandbox come into force.

9 June – regulations providing the registrar of companies with new powers and duties to annotate the public register come into force.

10 June – closing date for responses to Government’s consultation on implementing mandatory ethnicity and disability pay gap reporting.

13 June – closing date for comments on a draft new Practice Statement for schemes of arrangement under Part 26 and restructuring plans under Part 26A CA 2006.

16 June – closing date for responses to the London Stock Exchange’s discussion paper on the future development of AIM.

27 June – closing date for responses to the ISSB Exposure Draft proposing targeted amendments to IFRS S2 (Climate-related Disclosures).

How we can support you

If you have any questions about how these regulatory developments may impact you, please contact us.