UK Prospectus Regime: a consultation
Read the full outcome
Detail of outcome
The 바카라 사이트 is taking forward important reforms to the UK바카라 사이트檚 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 바카라 사이트 will replace the regime currently contained in the UK Prospectus Regulation and will legislate to do so when parliamentary time allows.
Feedback received
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 바카라 사이트바카라 사이트檚 overall approach to reforming the UK prospectus regime. The 바카라 사이트 will set out its intended next steps in due course.
Original consultation
Consultation description
Lord Hill바카라 사이트檚 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 UK바카라 사이트檚 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 바카라 사이트� admissions of securities to stock markets and 바카라 사이트榩ublic offer rules바카라 사이트� 바카라 사이트� 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
Updates to this page
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Outcome published
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Summary of responses published
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First published.