UK Prospectus Regime
The UK “onshored” the existing EU prospectus regime with minor adjustments at the end of the Brexit Transition Period.
UK Prospectus Regime
During 2021 the UK Listings Review, led by Lord Hill, recommended a series of reforms to the UK prospectus regime to make it more attractive and competitive which was later endorsed by the Chancellor of the Exchequer.
EU Prospectus Regime
7 December 2022 - European Commission published the draft EU Listing Act including amendments to the EU Prospectus Regulation.
UK Prospectus Regime
FCA published a series of engagement papers with respect to its expected powers under the new UK prospectus regime. A summary of feedback was published later in the year.
UK Prospectus Regime
29 January 2024 - The Public Offer and Admissions to Trading Regulations 2024 were made.
July 2024 - FCA consulted in CP24/12 on proposals for a new sourcebook relating to admissions to trading on a regulated market with a deadline for responses of 18 October 2024.
EU Prospectus Regime
2 February 2024 - Political agreement reached on the EU Listing Act.
14 November 2024 - EU Listing Act published in the Official Journal.
4 December 2024 - EU Listing Act came into force.
UK Prospectus Regime
Q1 2025 - Further FCA consultations expected, including in relation to retail.
EU Prospectus Regime
5 March 2026 - 15 months after date of entry into force of EU Listing Act certain amendments to the EU Prospectus Regulation to apply.
5 June 2026 - 18 months after date of entry into force of EU Listing Act final amendments to the EU Prospectus Regulation to apply.
Future incorporation by reference under the EU Prospectus Regulation – Points to Consider
European Commission proposes changes to the Prospectus Regulation – Key points for debt securities (December 2022)
Replacing the UK Prospectus Regulation: FCA consults on proposals for new Prospectus Rules (July 2024)
For more information on the EU or UK prospectus regimes, contact one of our capital markets lawyers below or your usual contacts.
