MTN updates 2026: what changes are needed?

13 January 2026

The new UK Prospectus regime will come into effect on 19 January 2026.

The current UK Prospectus Regulation regime (i.e. the onshored EU Prospectus Regulation (EU) 2017/1129 regime) will be repealed in its entirety, although helpfully base prospectuses approved by the FCA prior to 19 January 2026 remain valid for both offers and admissions for the remainder of their 12-month life. The new UK regime is created by the Public Offers and Admissions to Trading Regulations 2024 (the POATRs) and the FCA rules set out in Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (PRM Sourcebook, together with the POATRs the UK Prospectus Regime) in the FCA Handbook plus consequential changes made to Part 6 of FSMA. The FCA is currently also updating its Knowledge Base with new and revised Procedural Notes and Technical Notes that give guidance on its intended implementation of the PRM Sourcebook. For more details on the new UK Prospectus Regime see our client briefing.

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