New public offers and admissions to trading regime: FCA publishes final rules

The FCA has published the final version of its prospectus rules under the new public offers and admissions to trading regime that will replace the current regime on 19 January 2026. Most of the existing rules relating to prospectuses and admissions to trading will be carried across into the new regime broadly as they are. However, changes will be made to address problems identified in Lord Hill’s Review of the Listing Regime and in the Secondary Capital-Raising Review: these will make it easier, quicker and cheaper for listed companies to raise further funding in a secondary capital-raising and to offer their own shares as consideration in a takeover. This briefing summarises the key points relevant to offers of shares and other ECM transactions and takeovers.