Clifford Chance

The New UK Public Offers and Admission to Trading Regime – Impact on Debt Capital Markets

24 April 2024

The replacement UK public offers and admission to trading regime will not be ready until 2025. Indeed, the UK FCA has yet to consult on draft rules. But the skeleton legislative ‘framework’ is now in place, with the statutory instrument to create the regime having been adopted by Parliament at the end of January 2024.

This article considers key concepts in the Public Offers and Admissions to Trading Regulations 2024 (the ‘UK SI’) – notably, the new public offer prohibition and extension of scope to nontransferable securities. It also flags prospectus disclosure considerations, either in the UK SI itself or due to be covered in the forthcoming FCA consultation.

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