Monday July 28 2025

News Source: Global Exchanges

Focus: Stock Exchange Regulation

Type: General

Country: UK

Link: https://tinyurl.com/484pnjf7




On 15th July 2025, the Financial Conduct Authority (FCA) published New rules for the public offers and admissions to trading regime.

This Policy Statement (PS) sets out final rules to implement the new Public Offers and Admissions to Trading Regulations 2024 (POATRs), which will replace the UK Prospectus Regulation (UKPR). These include the ‘Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook’ and amendments to the Market Conduct sourcebook for multilateral trading facilities (MTFs) operating primary markets (Primary MTFs) which we consulted to make rules on in CP24/12 and CP25/2.

FCA are also making amendments to the UK Listing Rules (UKLRs) as well as consequential changes to UKLR and other sourcebooks. FCA are also publishing in parallel a Policy Statement and final rules for public offer platforms. The rules set out in these Policy Statements will take effect in January 2026.

This is for:

  • Issuers with securities admitted to trading on a UK regulated market or a primary multilateral trading facility (Primary MTF), including an MTF for listed securities (the London Stock Exchange’s Professional Securities Market (the PSM)).
  • Prospective issuers considering applying for admission of securities to trading on a UK regulated market or a Primary MTF (including the PSM and others).
  • Investment banks and other firms that advise issuers and are involved more broadly in the process of admitting securities to a UK regulated market or a Primary MTF. This includes issuers producing prospectuses and other admission documents.
  • Investors and potential investors in securities admitted to trading on a UK regulated market or a Primary MTF, including an MTF for listed securities.
  • Relevant trade bodies for issuers, investors and their advisors.
  • UK exchanges and operators of UK regulated markets and Primary MTFs for listed and non-listed securities.

The PRM, MAR rules for Primary MTFs and the changes to the UKLRs will come into force on 19 January 2026.

Click on the above link for further information