On 11 July 2024, the Financial Conduct Authority (FCA) published Primary Market Bulletin No. 50 (the PMB).

Published alongside Policy Statement PS24/6, which sets out widespread changes to the UK listing regime, the PMB provides an update on the FCA’s work in relation to the sponsor regime, and also launches a consultation on proposed changes to its Knowledge Base in relation to the sponsor regime.

The FCA explained in Consultation Paper CP23/31 that it planned to consult on proposed revisions to key Technical and Procedural Notes to reflect the proposed changes to the Listing Regime, including aspects of the sponsor regime. It also noted in PMB 48 in April 2024 that it was carefully considering the feedback it had received on the sponsor regime, and had begun work to address some of the more significant issues raised.

It is now consulting, in Guidance Consultation GC24/3, on the following changes to its Knowledge Base:

  • The introduction of new technical notes relating to supervisory reviews of sponsor firms and the FCA’s expectations of a sponsor in relation to specialist due diligence.
  • An update to the FCA’s existing technical note on sponsor record keeping.

The proposals are summarised in the PMB.

GC24/3 closes on 5 September 2024.