On 15 July 2025, the Financial Conduct Authority (FCA) released Policy Statement PS25/9, confirming the final rules under the Public Offers and Admission to Trading Regulations 2024 (POATRs). These reforms overhaul the UK’s prospectus regime, replacing the retained EU Prospectus Regulation and taking effect from 19 January 2026. The new framework aims to simplify capital raising, reduce costs for issuers and enhance the UK’s competitiveness as a listing venue. 

The FCA’s reforms are part of a broader government strategy to ensure regulation is targeted, proportionate and growth-oriented. They follow extensive consultation, including CP24/12 and CP25/2, and reflect recommendations from Lord Hill’s UK Listing Review and the Secondary Capital Raising Review.

With renewed enforcement of the Robinson-Patman Act against illegal price discrimination looming, direct-selling companies should reassess their pricing models. The FTC has made clear that tiered wholesale pricing, which gives higher-ranked distributors more favorable terms than their lower-ranked counterparts, can create significant legal risks under antitrust laws.

On July 18, 2025, President Donald Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the GENIUS Act or the Act), following its bipartisan passage by the Senate on June 17 (68–30) and the House on July 17 (308–122).