Clifford Chance

The new UK prospectus regime – an ECM view

16 July 2025

On 15 July 2025, the FCA published the final Prospectus Rules: Admission to Trading on a Regulated Market sourcebook ("PRM") with its provisions taking effect on 19 January 2026. The final rules are broadly along the lines indicated by the FCA in its consultation paper 24/12 ("CP 24/12") published in July 2024. In particular, despite mixed feedback, the FCA decided to move forward with the proposal to increase the threshold for a prospectus for further issuances to 75 per cent. of the existing securities admitted to trading on a regulated market. These reforms are part of the broader overhaul of the UK listing regime aimed to make London more competitive (see our client briefings on the reforms to the UK listing regime here and here).

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