Market capitalisation meaning

In this issue: Beyond Brexit UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Operational resilience Complaints, compensation and claims management Financial crime and sanctions Consumer credit, mortgage and home finance Conduct requirements Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II EU MiFID II Regulation of insurance Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Dates for your diary Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts Beyond Brexit FCA updates guidance on the financial services contracts regime, temporary permissions regime and leaving SRO or CRO The Financial Conduct Authority (FCA) has refreshed its guidance covering the temporary permissions regime, the financial services contracts regime, and how firms...

What does the Market Standards trend report cover? Click here to access the complete report in Shorthand format. Lexis+® UK Corporate and Market Standards have undertaken research exploring patterns in equity capital markets activity on the London Stock Exchange in 2024. The report delivers detailed analysis of IPOs, introductions, transfers between markets and secondary offers completed on the Main Market and AIM in 2024, together with insight into what we might expect in 2025. Topics covered include: a five-year comparative view of Main Market and AIM transaction volumes, market capitalisation and gross proceeds industry sector analysis of IPOs and secondary offerings fundraising structures for IPOs and secondary offers details on the use of retail offer platforms, including the size of retail offers comparison of offer price discounts and the use of prospectuses in secondary offers an examination of the significant reforms to the UK listing regime and the progress under way relating to the prospectus regime outlook for 2025...

In this issue: EU fundamentals Competition and state aid Corporate Data protection and cybersecurity Financial services Energy Environment Life sciences TMT International trade Daily and weekly news alerts New and updated content Trackers EU fundamentals European Commission adopts 2026 Work Programme The Commission has approved its 2026 Work Programme, Europe’s Independence Moment, presenting a refreshed roadmap for Europe’s sustainable prosperity, competitiveness and resilience. Building on the 2024–2029 Political Guidelines, the 2026 plan prioritises stronger technological autonomy, energy security and social cohesion, while advancing simplification and sharpening competitiveness across all sectors. See: LNB News 22/10/2025 13. Commission publishes evaluation of 2014 EU Public Procurement Directives The Commission has issued an assessment of Directive 2014/23/EU, Directive 2014/24/EU and Directive 2014/25/EU (EU Public Procurement Directives), finding they have only partly fulfilled their aims. The review indicates that legal certainty and flexibility were not enhanced, and that new sector‑specific provisions have introduced...

This table provides a concise overview of typical negotiated outcomes across a range of intercreditor topics, flagging the principal areas where junior creditors’ rights converge or diverge depending on the junior debt instrument; is drawn from documentation in the upper mid‑market and large capitalisation segments of the European leveraged finance market; assumes a second lien facility is documented separately from the senior debt and votes as an independent creditor class. Intercreditor rights may differ because of (among other factors): transaction‑specific structural features; whether the debt is distributed in Europe or the US; documentary requirements of particular investors (especially where junior debt is pre‑placed); and whether a junior creditor has actively negotiated its rights, or they appear in an evergreen intercreditor agreed solely between the sponsor and senior creditors. For further detail on the topics covered in this table, see Practice Notes: Introductory guide to Intercreditor Agreements Intercreditor agreements—effective releases...

ARCHIVED: This Practice Note has been archived and is not maintained. A significant restructuring of the UK listing regime came into effect on 29 July 2024, removing the premium and standard listing segments and establishing a single listing category covering equity shares issued by commercial companies. That commercial companies category is highly disclosure-driven, and it operates alongside other categories, including shell companies, secondary listings, and closed-ended investment fund categories. To give effect to these changes, the UK Listing Rules sourcebook came into force, while the previous Listing Rules sourcebook was revoked. For further information and context, see Practice Note: Reform of the UK listing regime—fundamentals. This Resource Note describes the regime as it stood before 29 July 2024 and is retained solely for reference purposes. It signposts relevant commentary, analysis and resources designed to help with interpreting, and to provide practical guidance on applying, Chapter 2 of the former Listing Rules that were in force prior to 29 July 2024...

This Practice Note outlines the European Commission’s July 2020 capital markets recovery package, created to mitigate the impact of the coronavirus (COVID-19) pandemic. The initiative makes focused adjustments to key frameworks so that capital markets can more readily support European businesses as they emerge from the coronavirus crisis, including: EU Prospectus Regulation (EU) 2017/1129 Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II) EU Securitisation Regulation (EU) 2017/2402 (OJ L 347 28.12.2017 p 35) Capital Requirements Regulation (EU) 575/2013 (EU CRR) Background to the capital markets recovery package On 24 July 2020, the European Commission adopted the capital markets recovery package as part of its broader coronavirus (COVID-19) recovery agenda. In April 2020, it had already advanced a targeted banking package to ease lending to households and businesses across the EU (see Practice Note: Coronavirus (COVID-19)—targeted EU banking package). The capital markets package is aimed at simplifying how markets can assist EU companies to rebound by refining specific capital market...

[ On reporting accountants’ letterhead ] The Directors [ Insert company and sponsor details ] [ Insert date ] Dear [ insert name ] [ Insert name of company ] (the Company): [ Placing AND/OR Open offer AND/OR Rights issue ] of [ insert number ] [ insert class ] shares of [ insert nominal value ] each Further to our engagement letter dated [ insert date ], we performed the procedures below on the Statement of Capitalisation and Indebtedness of the [ Company OR Company's group ] included in the Company’s prospectus dated [ insert date ]. The Statement of Capitalisation and Indebtedness was prepared by, and is solely the responsibility of, the Company’s directors. Procedures [ Insert procedures undertaken re the Statement of Capitalisation and Indebtedness ]. Opinion Solely from the procedures above, [ insert opinion, e.g. nothing has come to our attention to indicate that the Statement of Capitalisation and Indebtedness requires adjustment ]. Other matters ...

STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026. In the UK, the framework for public offers of securities and for admissions to trading is now chiefly contained in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), alongside the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked...