Client Alert
The New UK Prospectus Regime
July 15, 2025
FCA publishes new regulatory framework, marking culmination of the reform journey to make UK fundraising processes more efficient.
On 15 July 2025, the FCA published PS25/9 and PS25/10 outlining its final rules for the new Public Offers and Admissions to Trading regime, which will supersede the existing UK Prospectus Regulation from 19 January 2026. This new regulatory framework, in conjunction with the Public Offers and Admissions to Trading Regulations 2024 (POATR 2024) — which granted the FCA authority to establish the new rules — represents the culmination of the reform journey to enhance the efficiency of UK fundraising processes.
The reforms seek to fulfil the objectives set out in the UK Listing Review (2020) and the Secondary Capital Raising Review (2022) to enhance the UK capital markets and promote economic growth through:
- Facilitating retail participation in the ownership of public companies and eliminating disincentives for these companies to issue securities to a wider range of investors
- Enhancing the efficiency of public capital-raising by streamlining regulations and eliminating redundancies present in the current UK Prospectus Regime
- Improving the quality of information provided to investors
- Creating a more agile and dynamic regulatory environment
Endnotes
This publication is produced by Latham & Watkins as a news reporting service to clients and other friends. The information contained in this publication should not be construed as legal advice. Should further analysis or explanation of the subject matter be required, please contact the lawyer with whom you normally consult. The invitation to contact is not a solicitation for legal work under the laws of any jurisdiction in which Latham lawyers are not authorized to practice. See our Attorney Advertising and Terms of Use.