United Kingdom: Listing Rules & Flotation

The Financial Conduct Authority (FCA) has published Market Watch 83, in which it has shared its observations from reviews of corporate finance firms that provide advisory...

The Financial Conduct Authority (FCA) has published Primary Market Bulletin 56 (PMB 56) highlighting notification obligations for PDMRs and listed companies, and Primary Market Bulletin...

If you would like to discuss any of these developments in further detail, please feel free to get in touch with any of the contacts listed at the end of this note.

The FCA's Consultation Paper CP24/12, published on July 26, 2024, outlines significant changes to the UK prospectus regime. Key proposals include raising the threshold for prospectus requirements in secondary capital raisings from 20% to 75%, simplifying the issuance process, and introducing protected forward-looking statements. The consultation ends on October 18, 2024, with final rules expected by mid-2025.

The UK's Financial Conduct Authority (FCA) proposes a new Public Offer Platform (POP) regime to help smaller companies raise capital in London. Key changes include eliminating the need for an FCA-approved prospectus for offers over £5 million on a POP, making POP operation a regulated activity, and requiring comprehensive due diligence and disclosures. This aims to lower costs and streamline processes compared to the traditional prospectus regime, fostering greater access to capital for smaller

The FCA's new Listing Rules, effective 29 July 2024, simplify the UK listing process by merging categories, easing requirements, and adopting a disclosure-based approach, aiming to enhance market competitiveness and attract diverse companies.

Recent additions to our Corporate Notes blog include a summary of the second tranche of draft UK Listing Rules published on 7 March.

The FCA is also seeking to reduce the regulatory burdens that have been criticised for preventing UK listed companies from being competitive on the global M&A stage.

On 20 December 2023, the UK Financial Conduct Authority (the "FCA") published a further consultation paper (CP23/31) (the "December Consultation Paper") for reforming the UK listing regime.