Consultation outcome

UK Prospectus Regime: a consultation

This consultation has concluded

Download the full outcome

UK Prospectus Regime Review: Outcome

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Detail of outcome

The Government is taking forward important reforms to the UK’s regime for the public issuance of securities and admission to trading on capital markets. These are set out in the Prospectus Regime Review Outcome, which was published on 1 March 2022. The Government will replace the regime currently contained in the UK Prospectus Regulation and will legislate to do so when parliamentary time allows.

Feedback received

UK Prospectus Regime Review: Summary of Responses

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Detail of feedback received

The Summary of Responses was published on 16 December 2021 and provides an overview of the feedback from the UK Prospectus Regime consultation. The vast majority of respondents supported the Government’s overall approach to reforming the UK prospectus regime. The Government will set out its intended next steps in due course.


Original consultation

Summary

The Government is carrying out a review of the UK’s prospectus regime, following Lord Hill’s recommendations in the UK Listings Review. A Summary of Responses has been published.

This consultation ran from
to

Consultation description

Lord Hill’s UK Listings Review proposed reforms to the UK listing regime with the aim of attracting the most innovative and successful firms and helping companies access the finance they need to grow.

This consultation takes forward three of his recommendations, including that the government carry out a fundamental review of the UK’s prospectus regime. In doing so, it seeks to achieve four key objectives:

  • to facilitate wider participation in the ownership of public companies;
  • to improve the efficiency of public capital raising by simplifying regulation and removing the duplications that currently exist in the UK prospectus regime;
  • to improve the quality of information that investors receive;
  • to improve the agility of regulation in this area.

This consultation first considers what the fundamental purpose of a prospectus is, suggesting that a prospectus should be a device to provide potential investors with the information that they need to make reliable investment decisions in a security. It proposes that the two regulatory issues which the Prospectus Regulation deals with – admissions of securities to stock markets and ‘public offer rules’ – are dealt with separately in future. The consultation then proposes that the FCA is granted new powers to make rules, in place of the current Prospectus Regulation.

Additionally, companies on overseas markets and the extent to which they can extend offers into the UK are considered, as well as the interaction of future rules with issuers listed on Multilateral Trading Facilities, and private companies and their existing right to offer securities to the public.

This consultation ran from 12pm on 1 July to 11.45 pm on 24 September.

Documents

UK Prospectus Regime Review: Consultation

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Published 1 July 2021
Last updated 1 March 2022 + show all updates
  1. Outcome published

  2. Summary of responses published

  3. First published.