Law Commission: Fourteenth Programme of Law Reform

On 4 September 2025, the Law Commission published details of ten projects for the Fourteenth Programme of Law Reform, including a project in relation to deeds.

The report comments that the current law of deeds is outdated, partly due to technological developments. For example, it is not clear whether current law supports the creation of deeds which are wholly or partly defined by code. It also notes that it is necessary to consider the merits and implications of Mercury Tax Group Ltd v Her Majesty’s Commissioners of Revenue in which the judge in the High Court referred to a document as needing to be “a discrete physical entity (whether in a single version or in a series of counterparts) at the moment of signing”. 

The report also points out that some argue that certain deed requirements, such as witnessing, attestation, and delivery, should be amended, replaced or removed. 

As a result, the deeds project will review the law of deeds, including consideration of: 

• broad issues about the efficacy of deeds, including whether the concept remains fit for purpose; 
• whether there should be amendments to the existing requirements of deeds, including witnessing, attestation, and delivery; and 
• whether amendments to the law of deeds are required to ensure that compliance with the requirements of deeds can be facilitated by smart contracts. 

This project will deal with both deeds executed on paper and electronically. 

(Law Commission, Fourteenth Programme of Law Reform, 04.09.2025)

FCA: Market Watch 83

On 8 September 2025, the Financial Conduct Authority published Market Watch 83 in which it shares its observations from a series of reviews of corporate finance firms that provide advisory and corporate broking services to small and mid-cap companies. The reviews focused on firms’ systems and controls for handling inside information about their corporate clients. Areas discussed in Market Watch 83 include market soundings, the control environment in smaller firms, and personal account dealing. Further information is available in our Global Regulation Tomorrow post here.

(FCA, Market Watch 83, 08.09.2025)

FCA: Quarterly Consultation Paper No.49

On 10 September 2025, the Financial Conduct Authority (FCA) published Quarterly Consultation Paper No.49 consulting on proposed amendments to various parts of the FCA Handbook. The consultation closes on 15 October 2025.

In relation to the UK Listing Rules (UKLR) the FCA is:

• Proposing to amend the notification deadline for purchases of own equity shares to align it with that under the Buy-back and Stabilisation Regulation.
• Seeking views more broadly on the proportionality and usefulness of the notification requirements under the UKLR in relation to purchases by issuers of their equity shares and purchases/early redemptions/cancellations of their securities convertible into equity shares.

For an overview of other areas covered in the consultation see our Global Regulation Tomorrow post here.

(FCA, CP25/24: Quarterly Consultation Paper, 10.09.2025)