Regulatory Alerts2024-07-19
Added · Updated
PS25/9: New rules for the public offers and admissions to trading regime
The FCA implements final rules for the Public Offers and Admissions to Trading Regulations 2024, replacing the UK Prospectus Regulation with effect in January 2026. The rules raise the prospectus threshold for further issuances of transferable securities from 20% to 75% of existing share capital, and to 100% for equity securities issued by closed-ended investment funds. Additional changes include reducing the public availability period for IPO prospectuses from six to three working days, aligning disclosure requirements for lower and higher denomination bonds, and removing Listing Particulars. These measures apply to issuers, investment banks, investors, and UK exchanges operating regulated markets or primary multilateral trading facilities.
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