On 26 July 2024, the Financial Conduct Authority (FCA) published several Policy Papers designed to strengthen the UK’s capital markets.
Three Consultation Papers (CPs) set out proposed rules for the new Public Offers and Admissions to Trading Regime (POATR), which will replace the existing UK Prospectus Regulation. A Policy Statement (PS) sets out final rules on payment optionality for investment research.
POATR
The three Consultation Papers are:
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CP24/13: New regime for public offer platforms (CP24/13).
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CP24/12: Consultation on the new POATRs (CP24/12).
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CP24/14: Consultation on the derivatives trading obligation and post-trade risk reduction services (CP24/14).
CP24/13
The POATR gives the FCA power to set rules around a new regulated activity of operating as a Public Offer Platform (POP).
The Government has proposed to remove the current requirement for an FCA approved prospectus to be published for offers of transferable securities with a total consideration of more than €
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