On 1 March 2022, HM Treasury issued its response to its earlier consultation on the UK Prospectus Regime Review. As proposed in the consultation, the government will replace the regime currently contained in the UK Prospectus Regulation and will legislate to do so when parliamentary time allows. As part of this, the government will delegate a greater degree of responsibility to the FCA to set out the detail of the new regime through rules. The government intends to give the FCA enhanced rule-making responsibilities regarding admissions of securities to trading on UK Regulated Markets. Enhanced responsibilities will allow the FCA to specify in its rulebook if and when a prospectus is required, including for a further issuance by an existing listed issuer. The FCA will also be able to make rules determining what a prospectus should contain, where required and address the manner and timing of publication. The reformed regime will also give the FCA the discretion to decide whether – and, if so, in which circumstances – prospectuses must be reviewed and approved by it prior to publication.