We are consulting on the following changes we propose to make to the Knowledge Base.
Why we are consulting
On 15 July 2025 we published Policy Statement PS25/9[1], setting out the new Public Offers and Admissions to Trading Regulations (POATRs) regime which consists of:
- Our new Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook.
- Amendments to the Market Conduct sourcebook for firms operating primary multilateral trading facilities.
We are also making amendments to the UK Listing Rules (UKLRs) as well as other consequential changes to the Handbook.
These new rules and amendments will all come into force on 19 January 2026.
In PS25/9[1] we explained that we planned to consult on Technical Notes to provide guidance for the POATRs regime. We are now consulting on a change that we are proposing to make to the Knowledge Base[2] in relation to the POATRs regime.
Summary of our proposals
We are consulting on the following change to the Knowledge Base[3]. For ease, the amended note is presented with changes marked.
We summarise our proposals in Primary Market Bulletin 61[3].
Amendments to the following technical note:
Sponsors: Record Keeping Requirements – Primary Market/TN/717.2[4]
Next steps
Please send your comments on our proposals by 16 February 2026 to [email protected].
Background
The Knowledge Base[4] is our repository of non-Handbook commentary that has the status of formal FCA guidance.
It consists of a series of procedural and technical notes ordered by topic. The notes involve, among other topics, aspects of the:
- UK Listing Rules.
- Prospectus Regulation Rules (which will be replaced by the PRM on 19 January 2026).
- Disclosure Guidance and Transparency Rules.
The information aims to help issuers, sponsors and practitioners interpret these rules.