We summarise feedback received on our series of Engagement Papers and events highlighting our emerging policy thinking on the new public offers and admissions to trading regime.
Earlier this year we published 6 Engagement Papers on how we may use our rule-making powers under the new regime, and invited written submissions.
We also held a series of roundtable focus groups and follow-up meetings to gather more views.
During the engagement process we engaged with a wide range of stakeholders, experts and industry bodies.
Why we carried out this engagement
The Government is in the process of finalising a new legislative framework that will replace the UK Prospectus Regulation.
This framework sets out a general prohibition on public offers of securities, which is then subject to a series of exemptions.
We have been given powers to make rules in a number of areas relating to those exemptions.
Who this will be of interest to
- Companies with securities admitted to UK regulated markets or primary MTFs.
- Companies considering seeking admission of their securities to a UK regulated market or primary MTF.
- Companies seeking to issue securities that will not be admitted to a public market.
- Existing and prospective investors in companies on UK regulated markets or primary MTFs, including institutional and individual investors.
- Existing or prospective investors in securities offered outside of public market.
- Law firms, investment banks and other advisers, including sponsors who may assist issuers.
- Exchanges, primary MTF operators or crowdfunding platforms.
- Intermediaries who may facilitate, including providing execution and/or marketing of investments into companies on UK regulated markets, primary MTFs, and/or investments into securities offered outside of public markets, whether at initial public offering (IPO) or in secondary markets.
- Trade associations representing the various market participants above.
- Accountancy firms and those providing support to issuers in preparing annual financial reports.
- Wider financial market participants, such as research analysts.
We are continuing to develop detailed policy proposals for making FCA rules to support the new public offers and admissions to trading regime.
We may also carry out follow-up engagement on key topics.
We aim to consult on proposals in summer 2024, which will include draft rules and cost benefit analysis.