Author Addie Ugbenne

New UK public offers and admissions to trading regime: debt securities focus

On 19 January 2026 a new public offer and admissions to trading framework will come into force in the UK. This will replace the existing regime which is based on the UK Prospectus Regulation (UK PR). This article highlights the key elements of the new framework which are relevant to debt capital markets.

Background

The current UK prospectus regime is based on the EU-derived UK PR. However as part of wider efforts to reform the UK’s capital markets and enhance the UK’s attractiveness as a listing venue the UK prospectus regime is being reformed. The new regulatory regime will comprise of a new framework established by the Public Offers and Admission to Trading Regulations 2024 (POATRs) and detailed rules to be developed by the UK Financial Conduct Authority (FCA). The POATRs...