- within Wealth Management, Environment and Consumer Protection topic(s)
The UK's new prospectus and public offer rules overhaul the UK prospectus regime. The Public Offers and Admissions to Trading Regulations 2024, which introduce the Prospectus Rules: Admissions to Trading on a Regulated Market (PRM) Sourcebook, will supersede the on-shored EU Prospectus Regulation from January 19, 2026, with a UK framework that separates admissions to a regulated market from wider public offers.
The FCA now sets the detailed content and approval standards for admission prospectuses, with more flexible, proportionate disclosure requirements, especially for secondary fundraisings. The new rules recast when a 'public offer' is permitted, broaden permitted routes to reach retail investors (including via admissions to trading and other FCA regulated venues or platforms), and modernise exemptions. Overall, the package is designed to cut friction for issuers, support faster capital raising and retail participation, and maintain robust investor protections through targeted disclosure.
Listen to our podcast where we summarise what these changes are from an equity perspective and how issuers, investment banks and investors should navigate IPOs, public offers and further issuances under the new regime.
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