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The Financial Conduct Authority (FCA) has published its Quarterly Consultation Paper 50 (CP 25/35), which includes proposals that aim to simplify the listing application process and minor changes to the UK Listing Rules (UKLRs).
Ahead of the implementation of the new Public Offers and Admissions to Trading (POATRs) regime on 19 January 2026, the FCA is proposing amendments to UKLR 20 to reflect the fact that, under the new regime, a listing application will only be required for admissions of new securities. Further issuances of securities already listed will be automatically admitted without a new application. For further information about the new regime, see our blog posts here and here.
The FCA is also proposing other minor changes to the UKLRs, the new Prospectus Rules: Admission to Trading on a Regulated Market sourcebook, the Disclosure Guidance and Transparency Rules and the FCA Handbook's glossary of definitions. The changes include:
- confirming that, on a significant transaction, the information that has to be disclosed can be included in a shareholder circular where one is being published;
- adding guidance to make it clear that, on a related party transaction, the sponsor may take into account, but not rely on, the directors' commercial assessments, and that the requirement to make a supplementary notification ends when the transaction completes;
- clarifying how to calculate free float when some of the shares are subject to a lock-up; and
- clarifying the scope of certain prospectus exemptions.
The consultation on these points closes on 19 January 2026.
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