The FCA has issued two consultation papers proposing changes to the listing and public offer rules.
The first paper sets out changes intended to align disclosure requirements for low denomination bonds with those for higher denominations to make capital raising easier for issuers and to make the UK Listings Rules more efficient for companies issuing further securities. Specifically, the paper addresses:
- disclosure requirements for low denomination bonds (below £100,000);
- inefficiencies in the listing application process for further issuances;
- the requirement to publish Listing Particulars when seeking admission of certain securities to a regulated market or listed multilateral trading facility market;
- consequential changes to the FCA Handbook, including transitional provisions, providing for; and improving on, rules proposed in CP24/12.
The second paper is issued jointly with the Financial Ombudsman Service (FOS) and makes proposals to support the implementation and operation of the new public offer platform (POP) regime. In particular the proposals include:
- extending of the compulsory jurisdiction of the to the new regulated activity of operating a POP;
- details of the fees FCA propose to charge POP operators, including the FOS and Financial Services Compensation Scheme-related levies; and
- PERG guidance on, among other aspects, the regime for firms approving the financial promotions of unauthorised persons.
Both consultations close on 14 March 2025.