On July 26, 2024, the UK Financial Conduct Authority published a consultation proposing reforms to the UK prospectus regime. The wide-ranging proposals have significant implications in particular for IPOs and secondary issuances where a company’s securities are to be admitted to trading on a UK regulated market (such as the main market of the London Stock Exchange) or a primary UK multilateral trading facility (such as AIM). The proposals are designed to enhance the attractiveness of the UK’s capital markets and dovetail with the FCA’s recent reforms of the UK listing regime. This memorandum sets out our key highlights from the consultation.