UK prospectus regime reform – key changes for DCM issuers in the FCA’s final rules

On 15 July 2025, the Financial Conduct Authority (FCA) published Policy Statement PS25/9: “New rules for the public offers and admissions to trading regime” (briefing reflects on changes in the FCA’s new rules that are specific to non-equity securities (such as bonds), including measures to encourage wider participation of retail investors. This briefing goes beyond the UK regulated market and considers reforms relevant to issuers that have their securities admitted to trading on the London Stock Exchange’s International Securities Market.

For more information on the upcoming prospectus regime changes please get in touch with your usual Freshfields debt capital markets contact.