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The UK has become Europe's largest private-equity hub, and its leading venture capital market , both of which are funding privately held (non-listed) companies (PHCs).\nAs part of its ongoing market monitoring activities, the FRC was seeking research services to deliver a review of the leading expert literature to understand the scale, trajectory and international context of these changes. As well as potential implications which might arise.\nThis will include peer-reviewed academic research, as well as studies carried out with suitable rigour by professional bodies, industry organisations, and think tanks (grey literature).\nThe review will draw on literature from a range of relevant disciplines including, but not limited to: law, economics, political economy, business, public administration. 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As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality.\nThe purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work.\nThe FRC was seeking a Literature review on the balance between publicly-listed and privately-held companies.\nThe number of UK publicly-listed companies (PLCs) has fallen over the past decade. At the same time more companies are choosing to remain unlisted and financing their growth through private capital . The UK has become Europe's largest private-equity hub, and its leading venture capital market , both of which are funding privately held (non-listed) companies (PHCs).\nAs part of its ongoing market monitoring activities, the FRC was seeking research services to deliver a review of the leading expert literature to understand the scale, trajectory and international context of these changes. As well as potential implications which might arise.\nThis will include peer-reviewed academic research, as well as studies carried out with suitable rigour by professional bodies, industry organisations, and think tanks (grey literature).\nThe review will draw on literature from a range of relevant disciplines including, but not limited to: law, economics, political economy, business, public administration. 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"value": "Literature review on the balance between publicly-listed and privately-held companies" } ], "description": [ { "releaseID": "080479-2025", "releaseDate": "2025-12-08T10:41:26Z", "releaseTag": [ "tender" ], "value": "The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality.\nThe purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work.\nThe FRC is seeking a Literature review on the balance between publicly-listed and privately-held companies \nThe number of UK publicly-listed companies (PLCs) has fallen over the past decade. At the same time more companies are choosing to remain unlisted and financing their growth through private capital . The UK has become Europe's largest private-equity hub, and its leading venture capital market , both of which are funding privately held (non-listed) companies (PHCs).\nAs part of its ongoing market monitoring activities, the FRC is seeking research services to deliver a review of the leading expert literature to understand the scale, trajectory and international context of these changes. As well as potential implications which might arise. \nThis will include peer-reviewed academic research, as well as studies carried out with suitable rigour by professional bodies, industry organisations, and think tanks (grey literature). \nThe review should draw on literature from a range of relevant disciplines including, but not limited to: law, economics, political economy, business, public administration. It should be written to inform non-academic readers about the following:\n•\tThe leading analyses of evidence on theses changes, including:\no\tThe scale, trajectory, and other relevant characteristics. \no\tViews on what might happen next.\no\tThe international context from relevant jurisdiction(s).\no\tThe causes/drivers of the change and whether they are evolving over time, including evidence on how and why commercial entities choose between different potential sources of funding.\n•\tWhether the literature provides any information relevant to understanding any potential impact on: \no\tOur regulation, in particular the effect of shifts in sources of capital when combined with the existing policy landscape and legislative definitions which drive audit and corporate reporting requirements. \no\tAny additional, relevant policy implications for us to consider.\nThe review should be focused on the UK but may also draw on literature that brings insights from other jurisdictions, where clearly relevant.\nThe markets in-scope for this research will include:\n•\tLondon Stock Exchange (LSE) Main Market\n•\tLSE Alternative Investment Market (AIM)\n•\tRelevant markets of the Aquis exchange\n•\tUK private-equity, venture capital, and private-credit markets\nWe may also include other UK debt and equity markets. This will be discussed with the successful research contractor once appointed.\nSuggested approach\nMethodology\n•\tSearch strategy: databases (e.g. JSTOR, SSRN, Web of Science, Scopus), policy portals, news archives.\n•\tLiterature:\no\tInclusion/exclusion criteria should include, but not be limited to: relevance to UK context, credibility/quality/reliability, publication date, citations (or equivalent).\no\tBiases and perspectives to be identified, where present, but not by themselves to be critria for exclusion.\n•\tAnalytical approach: thematic coding, comparative case analyses, cross-discipliniary comparison (gaps and/or contradictions), synthesis of findings.\nPLEASE REFER TO THE INVITATION TO TENDER FOR FULL DETAILS.\nIMPORTANT\n•\tPlease register your interest by emailing the FRC's procurement team - procurement@frc.org.uk\n•\tThe FRC will share all tender queries and answers with those that have registered.\n•\tYour tender submission must be submitted within the deadline by email to procurement@frc.org.uk" }, { "releaseID": "081493-2025", "releaseDate": "2025-12-10T13:17:50Z", "releaseTag": [ "tenderUpdate" ], "value": "The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality.\nThe purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work.\nThe FRC is seeking a Literature review on the balance between publicly-listed and privately-held companies\nThe number of UK publicly-listed companies (PLCs) has fallen over the past decade. At the same time more companies are choosing to remain unlisted and financing their growth through private capital . The UK has become Europe's largest private-equity hub, and its leading venture capital market , both of which are funding privately held (non-listed) companies (PHCs).\nAs part of its ongoing market monitoring activities, the FRC is seeking research services to deliver a review of the leading expert literature to understand the scale, trajectory and international context of these changes. As well as potential implications which might arise.\nThis will include peer-reviewed academic research, as well as studies carried out with suitable rigour by professional bodies, industry organisations, and think tanks (grey literature).\nThe review should draw on literature from a range of relevant disciplines including, but not limited to: law, economics, political economy, business, public administration. It should be written to inform non-academic readers about the following:\n•\tThe leading analyses of evidence on theses changes, including:\no\tThe scale, trajectory, and other relevant characteristics.\no\tViews on what might happen next.\no\tThe international context from relevant jurisdiction(s).\no\tThe causes/drivers of the change and whether they are evolving over time, including evidence on how and why commercial entities choose between different potential sources of funding.\n•\tWhether the literature provides any information relevant to understanding any potential impact on:\no\tOur regulation, in particular the effect of shifts in sources of capital when combined with the existing policy landscape and legislative definitions which drive audit and corporate reporting requirements.\no\tAny additional, relevant policy implications for us to consider.\nThe review should be focused on the UK but may also draw on literature that brings insights from other jurisdictions, where clearly relevant.\nThe markets in-scope for this research will include:\n•\tLondon Stock Exchange (LSE) Main Market\n•\tLSE Alternative Investment Market (AIM)\n•\tRelevant markets of the Aquis exchange\n•\tUK private-equity, venture capital, and private-credit markets\nWe may also include other UK debt and equity markets. This will be discussed with the successful research contractor once appointed.\nSuggested approach\nMethodology\n•\tSearch strategy: databases (e.g. JSTOR, SSRN, Web of Science, Scopus), policy portals, news archives.\n•\tLiterature:\no\tInclusion/exclusion criteria should include, but not be limited to: relevance to UK context, credibility/quality/reliability, publication date, citations (or equivalent).\no\tBiases and perspectives to be identified, where present, but not by themselves to be critria for exclusion.\n•\tAnalytical approach: thematic coding, comparative case analyses, cross-discipliniary comparison (gaps and/or contradictions), synthesis of findings.\nPLEASE REFER TO THE INVITATION TO TENDER FOR FULL DETAILS.\nIMPORTANT\n•\tPlease register your interest by emailing the FRC's procurement team - procurement@frc.org.uk\n•\tThe FRC will share all tender queries and answers with those that have registered.\n•\tYour tender submission must be submitted within the deadline by email to procurement@frc.org.uk" }, { "releaseID": "021526-2026", "releaseDate": "2026-03-10T17:07:15Z", "releaseTag": [ "award", "contract" ], "value": "THIS IS A CONTRACT AWARD NOTICE\nThe Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality.\nThe purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work.\nThe FRC was seeking a Literature review on the balance between publicly-listed and privately-held companies.\nThe number of UK publicly-listed companies (PLCs) has fallen over the past decade. At the same time more companies are choosing to remain unlisted and financing their growth through private capital . The UK has become Europe's largest private-equity hub, and its leading venture capital market , both of which are funding privately held (non-listed) companies (PHCs).\nAs part of its ongoing market monitoring activities, the FRC was seeking research services to deliver a review of the leading expert literature to understand the scale, trajectory and international context of these changes. As well as potential implications which might arise.\nThis will include peer-reviewed academic research, as well as studies carried out with suitable rigour by professional bodies, industry organisations, and think tanks (grey literature).\nThe review will draw on literature from a range of relevant disciplines including, but not limited to: law, economics, political economy, business, public administration. It should be written to inform non-academic readers about the following:\n• The leading analyses of evidence on theses changes, including:\no The scale, trajectory, and other relevant characteristics.\no Views on what might happen next.\no The international context from relevant jurisdiction(s).\no The causes/drivers of the change and whether they are evolving over time, including evidence on how and why commercial entities choose between different potential sources of funding.\n• Whether the literature provides any information relevant to understanding any potential impact on:\no Our regulation, in particular the effect of shifts in sources of capital when combined with the existing policy landscape and legislative definitions which drive audit and corporate reporting requirements.\no Any additional, relevant policy implications for us to consider.\nThe review should be focused on the UK but may also draw on literature that brings insights from other jurisdictions, where clearly relevant.\nThe markets in-scope for this research will include:\n• London Stock Exchange (LSE) Main Market\n• LSE Alternative Investment Market (AIM)\n• Relevant markets of the Aquis exchange\n• UK private-equity, venture capital, and private-credit markets\nWe may also include other UK debt and equity markets. This will be discussed with the successful research contractor once appointed.\nThe suggested approach for the Literature Review was:\nMethodology\n• Search strategy: databases (e.g. JSTOR, SSRN, Web of Science, Scopus), policy portals, news archives.\n• Literature:\no Inclusion/exclusion criteria should include, but not be limited to: relevance to UK context, credibility/quality/reliability, publication date, citations (or equivalent).\no Biases and perspectives to be identified, where present, but not by themselves to be critria for exclusion.\n• Analytical approach: thematic coding, comparative case analyses, cross-discipliniary comparison (gaps and/or contradictions), synthesis of findings." } ], "status": [ { "releaseID": "080479-2025", "releaseDate": "2025-12-08T10:41:26Z", "releaseTag": [ "tender" ], "value": "active" }, { "releaseID": "021526-2026", "releaseDate": "2026-03-10T17:07:15Z", "releaseTag": [ "award", "contract" ], "value": "complete" } ], "items": [ { "id": "1", 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