On 11 July 2023, HM Treasury published a near-final draft of the Public Offers and Admissions to Trading Regulations 2023 (the draft SI), along with an accompanying policy note.

An illustrative version of the draft SI was published on 9 December 2022 as part of the Edinburgh Reforms to demonstrate to stakeholders how the powers introduced in the Financial Services and Markets Act 2023 would be used to deliver reforms to the UK’s prospectus regime.

The near-final draft SI outlines the UK’s new Public Offers and Admissions to Trading Regime. It delivers a key recommendation of Lord Hill’s UK Listing Review, which aimed to boost UK initial public offerings (IPOs) and optimise capital raising, and is part of a broader programme of work to make UK capital markets more attractive.

The legislation being replaced includes:

• The Prospectus Regulation.
• Certain related provisions of Part 6 of the Financial Services and Markets Act 2000.

The government welcomes any technical comments on the draft SI by 21 August 2023.