Changes to UK Prospectus Regime

Key Points

• On July 15, 2025, the UK Financial Conduct Authority (“FCA”) published final rules, to implement the new UK regime governing public offers of securities and admission to trading which will replace the existing UK prospectus regime.
• The new rules constitute a significant change to the existing UK prospectus regime which will 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.
• The new rules, which come into force on January 19, 2026, are designed to enhance the attractiveness of the UK’s capital markets, by making it easier for companies to raise capital in the UK and to reduce companies’ costs of doing so.

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