New regime for public offers and admissions to trading

Read more about the new framework that will replace the UK prospectus regime, our work in this area and ways we plan to hear your views.

As part of the Government’s Edinburgh reforms the Treasury has published a draft statutory instrument setting out a new regime for public offers and admissions to trading on UK public markets.

Our role 

Under this new regime we can reshape regulation to better meet the needs of issuers and investors in line with our commitment to strengthen the UK’s position in global wholesale markets.

We want to ensure our future rules promote efficient and effective primary markets for companies accessing public markets for the first time and when raising further capital, and ensure investors have the right information to invest with confidence.

We will have greater discretion on whether and how to set requirements for a prospectus for issuers seeking admission to trading.

We also need to consider how issuers may include forward-looking information in these prospectuses.

What we need to consider

Based on the draft legislation there are a number of areas of focus for our engagement and where we are likely to make future rules.

These include:

  • whether or how to set prospectus requirements for companies seeking admission of their securities to trading on regulated markets
  • whether or not to set prospectus requirements on issuers raising further capital on UK regulated markets
  • how issuers may include forward-looking information in prospectuses
  • how we may approach setting prospectus requirements for issuers seeking to admit securities to junior markets (MTFs)
  • what rules we should set for firms that choose to operate a ‘public offer platform’ to allow companies to raise capital from investors without being admitted to a public market

Your views

We want to hear your views, so we’re launching a process of engagement and dialogue.

This will include:

  • an introductory event and attending sessions with key stakeholders in May 2023
  • publishing a series of engagement papers setting out in more detail the key issues we are considering
  • holding a series of further online focus groups to encourage a dialogue and feedback on key issues from the engagement papers – we will update this page with details of these groups and how to join
  • encouraging written feedback on our engagement papers which can be sent to our dedicated email address 

Calendar of events and publications

We will update this calendar with events and publications throughout our engagement process.


Date Event or publication
9 May 2023

UK Finance hosted event attended by the FCA

Webinar hosted by the Investment Association and attended by the FCA

12 May 2023 FCA-hosted virtual session for other trade associations and interested stakeholders.
18 May 2023 Publication of our first engagement papers
13 July 2023 Publication of Engagement Papers 5 and 6
25 July 2023 FCA-hosted virtual session for other trade associations and interested stakeholders on Engagement Papers 1,2,3 and 4. If you have not received an invitation, but would like to take part, please email us.

Next steps

After our engagement process, we intend to provide feedback on key points raised and will then work on developing specific rule proposals which we plan to consult on next year.

Contact us

If you have any questions or comments, please email: [email protected]

Page updates

: Link added Links to Engagement Papers 5 and 6
: Link added Links to Engagement Papers