On 28 August 2026, the Financial Conduct Authority (FCA) published Primary Market Bulletin 65 which focuses on strengthening the effectiveness, transparency and integrity of UK capital markets.

Summary

The FCA highlights several policy initiatives affecting equity market structure, issuer disclosures, sponsor due diligence and market abuse compliance.

  • Strengthening Transparency and Access to Market Data: On 31 July 2026, the FCA published a package of measures comprising: (i) a policy statement on the UK Equity Consolidated Tape (CT), (ii) the launch of a Market Activity Reporter for Shares, and (iii) a consultation on broader equity market transparency and market structure reforms.
  • Equity consolidated tape: The equity CT will combine post-trade data and top-of-book pre-trade information from trading venues into a single, affordable source. The FCA believes this will improve access to market-wide liquidity information, reduce data fragmentation and enhance confidence in UK equity markets. The regulator aims to deliver the CT within 18 months and is consulting on further issues, including the inclusion of systematic internaliser quotes and contractual requirements for the CT provider.
  • Market activity reporter for shares: Until the CT is operational, the Market Activity Reporter for Shares will provide daily aggregated trading data for UK-listed shares, including adjusted metrics that remove non-price-forming transactions. The FCA views this as an interim tool to help issuers and investors better assess market liquidity.
  • Consultation on supporting equity market transparency and considering market structure developments: The FCA has also launched Consultation Paper CP26/30, proposing targeted reforms to the UK equity market framework. These include changes to post-trade transparency rules, simplification of systematic internaliser obligations, refinements to the reference price waiver regime, guidance on market outages and enhanced monitoring of market structure developments. The FCA’s assessment is that UK equity markets remain effective, but that regulation should evolve alongside changing trading practices.
  • Language in Regulatory Announcements: The FCA reports increasing concern over regulatory announcements that use exaggerated, promotional or sensationalist language. Particular concern arises where issuers release frequent updates of limited informational value, misclassify announcements as inside information, or publish announcements during periods of abnormal share price volatility. The regulator reiterates that Regulatory Information Services should be used for regulated information, not marketing material, and reminds issuers of obligations under the UK Market Abuse Regulation (UK MAR), the Disclosure Guidance and Transparency Rules and the UK Listing Rules. Issuers are expected to ensure announcements are accurate, balanced, clear and not misleading, with potential enforcement consequences where disclosures fall below required standards.
  • Review of sponsor specialist due diligence for ESCC admissions: The bulletin also reports on the FCA’s review of sponsor use of specialist due diligence for admissions to the Equity Shares (Commercial Companies) category. The FCA found evidence that sponsors are increasingly moving away from standardised “off-the-shelf” reporting towards more tailored and proportionate approaches. This trend has been particularly evident in relation to long-form reports, working capital reviews and Financial Position and Prospects Procedures reports. The FCA welcomes sponsors exercising judgement, provided decisions are properly documented and linked to transaction-specific risks.
  • Delayed disclosure of inside information: In relation to delayed disclosure of inside information under Article 17(4) UK MAR, the FCA found no widespread failings. Most issuers understood the conditions for delaying disclosure and maintained suitable confidentiality procedures. However, the FCA identified weaknesses around the classification and ongoing assessment of inside information and encourages firms to strengthen related processes.
  • FCA’s emergency intervention powers under the new Short Selling Regulations 2025: These include powers to require enhanced reporting of short positions, impose temporary restrictions on short selling and intervene following significant price falls. The FCA stresses that such powers will be used only in exceptional circumstances and on a proportionate basis.
  • New inside information declaration form for documents submitted through its Electronic Submission System: The new form must be included with the first submission of documents. This will apply to all new equity cases (including guidance requests) submitted through the ESS portal from Monday 21 September 2026. The change is intended to improve the FCA’s handling of submissions containing inside information and streamline the review process for issuers and advisers.