UK prospectus reform: FCA engages on a streamlined approach
In a bid to reform UK capital markets, the Financial Conduct Authority has published a series of engagement papers regarding reform of the prospectus regime.
In the latest step in the bid to reform UK capital markets, the UK Financial Conduct Authority (FCA) has published a series of engagement papers regarding reform of the prospectus regime aimed at generating discussion with market participants. The FCA has requested comments by 29 September 2023. The engagement papers cover the following topics:
- admission to trading on a regulated market
- further issuances of equity on regulated markets
- protected forward-looking statements
- non-equity securities
We expect further papers to be published on multi-lateral trading facilities such as AIM and the new public offers platforms regime and understand that there will be initial FCA feedback in autumn 2023 with a formal consultation paper published in early 2024. It is likely that the final rules will not come into force until 2025.
This note covers the impact on the prospectus regime for commercial companies with equity shares only.
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