Regulations to implement the new regime for public offers of securities in January 2026 have been made.
The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 will repeal the current prospectus regime contained in the UK Prospectus Regulation and related legislation on 19 January 2026. The regime will be replaced on the same date by the new public offers regime set out in the Public Offers and Admissions to Trading Regulations 2024 and the Financial Conduct Authority’s new rules for prospectuses, set out in its ‘Prospectus Rules: Admission to Trading on a Regulated Market sourcebook’ (which were finalised in its policy statement PS25/9).
The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025 have also been made. These regulations, amongst other things, make consequential amendments to financial services legislation to reflect the new regime.
For further information about the new regime, see our blog posts here and here.
Key contacts
Erica MacDonald
Knowledge Lawyer, London
Michael Jacobs
Partner, Head of Equity Capital Markets, London
Mike Flockhart
Managing Partner, Corporate, UK and EMEA, London
Sarah Ries-Coward
Partner, London
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