Admission to trading on a regulated market – Engagement Paper 1

Read Engagement Paper 1[2]

Why we are publishing this paper

The Government is in the process of creating a new legislative framework that will give powers to the FCA to set rules for what disclosures companies need to provide when seeking to admit securities to a regulated market.

In advance of this, we are seeking views on how we might make these rules.

We start from the assumption that we should keep most of the previous requirements for a prospectus for admission to trading on regulated markets but that the new regime will give us the opportunity to tailor our requirements.

This paper sets out where we think we could make small changes which may, cumulatively, represent a significant improvement on current requirements.

It links directly with Engagement Paper 2[3] which considers how we may set requirements for further issuances of securities admitted to trading on regulated markets.

These papers are part of a series[4] which sets out our emerging thinking on how we may use our rule-making powers under the new regime.

Who is this of interest to

• Companies with securities admitted to UK regulated markets.
• Companies considering seeking admission of their securities to a UK regulated market.
• Existing and prospective investors in companies on UK regulated markets including institutional and individual investors.
• Law firms, investment banks and other advisers, including sponsors who may assist issuers.
• Exchanges or venue operators.
• Intermediaries who may facilitate, including providing execution and/or marketing of investments into companies on UK regulated 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.

Publication of our summary of engagement feedback - 12 December 2023

The period for submitting feedback to this Engagement Paper has closed.

We have now published a summary of the feedback[1] we received to the 6 Engagement Papers we published.

If you would like to discuss anything further about our engagement process, please email [email protected] which we will continue to monitor.

Next steps

We are now considering the points raised and are developing our consultation proposals with a view to publishing a consultation paper in summer 2024.