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A regular briefing for the alternative asset management industry 

Welcome to the November 2026 edition of Travers Smith's Quarterly Listed Company Update. This issue highlights the latest regulatory developments and guidance relevant to listed companies, as well as key trends and practical points for consideration in the coming months.

In Sterling House Ltd v International Baccalaureate Organisation (UK) Ltd [2026] EWHC 2680 (BP), the High Court held the tenant's break notice was valid. The tenant relied on estoppel to argue it had paid the correct amount of outstanding rent, based on the invoice it received from the landlord's agents.

HMRC publishes new guidance on treaty relief where payer has failed to deduct

The Home Secretary, Shabana Mahmood, has provided the final details of the Government's 'Earned Settlement' policy, which will reform the route to Indefinite Leave to Remain (ILR) for individuals in the UK. These reforms are described by the Government as largely consistent with the proposals set out in the November 2025 consultation and we have provided a summary of these changes below:

Travers Smith has advised long-standing client Zegona Communications plc on its transfer of listing category to what used to be called a premium listing*, with effect from 25 November 2026. The Transfer will mean that Zegona will be eligible for inclusion in the UK FTSE Index Series in March, with the expectation that Zegona will join the FTSE 250 Index.

In a surprise move, in Wednesday's Budget, the Chancellor announced a fundamental reform of how foreign sovereigns, such as sovereign wealth funds and overseas public pension schemes, are treated for UK tax purposes. Although the details are being consulted on, the key planks of the new regime are clear.

Today, Travers Smith LLP is announcing the establishment of the Andrew King Scholarship, a new grant aimed at expanding access to legal careers. The Scholarship is launched in the name of former Travers Smith partner Andrew King, who sadly passed away earlier this year.

The Government has announced a number of immigration measures as part of the 2026 Budget, with several important changes for employers and internationally mobile workers expected during 2027.