The FCA has published its consultation (CP24/12) on the new prospectus rules, which will set out the detailed requirements of the new UK prospectus regime. The proposals will involve significant changes, particularly around when a prospectus is needed on a secondary capital raising, as well as making it easier for companies to make forward looking statements - and are broadly in line with the Secondary Capital Raising Review (see our blog post here for more details).
Reform of the prospectus regime was part of the recommendations made by the UK Listing Review. The Public Offers and Admissions to Trading Regulations 2024 (POATR), which were made by Parliament in January 2024, created the framework for a new public offers and admissions to trading regime in the UK. The consultation published by the FCA on 26 July 2024 is on the rules that will contain the detailed requirements around when a prospectus is required and the content of any prospectus, and it follows a series of Engagement Papers published by the FCA last year on key areas of the new regime. The proposals aim to reduce the costs of listing on UK markets, make capital raising easier on UK listed markets and remove barriers to retail participation. They dovetail with the recent reforms of the listing regime, as set out in PS24/6 – see our blog post here for more detail.
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