CP24/12: Consultation on the new Public Offers and Admission to Trading Regulations regime (POATRs)

Read CP24/12 (PDF)[1] 

Why are we consulting 

We are consulting on proposals for new rules on the new Public Offers and Admissions to Trading Regulations (POATRs). This CP focuses on our proposals for securities being admitting to a regulated market or primary multilateral trading facility (MTF). As part of the POATRs, we are also consulting in parallel on the new public offer platforms regime (CP24/13[2]).  

We are introducing proposals to promote more efficient and effective capital raising for issuers and increase opportunities for investors, strengthening the UK’s position as a global and vibrant financial centre. 

These proposals complement our recent work on Listings reform and form part of our wider work to make sure the UK remains an attractive place to list, raise capital and invest, supporting our efforts for international growth and competitiveness, while maintaining protections for investors.  

Who this applies to

• Issuers with securities admitted to trading to a UK regulated market or a primary MTF 
• Prospective issuers considering submitting an application for admission of securities to trading on a UK regulated market or a primary MTF 
• Investors in securities admitted to a UK regulated market or a primary MTF 
• Investment advisors, brokers and other intermediaries 
• Law firms advising on requirements for admission to a UK regulated market or a primary MTF 
• Accountancy firms  
• Investment banks and other companies involved in the process of admitting securities to a UK regulated market or a primary MTF 
• Sponsors 
• Relevant trade bodies 
• Professional bodies, academics and other interested parties 

How to respond 

Online response form[3] 

We want to know what you think of our proposals. Please use this online form or alternatively email: [email protected]. 

Comments should reach us by 18 October 2024. 

Background 

Our proposals follow the publication of a series of Engagement Papers[4] last year on key areas of the new regime and extensive engagement with market participants, on which we published a Summary of Feedback[5] in December 2023. 

In January 2024, the final Public Offers and Admissions to Trading Regulations 2024[6] were made by Parliament.  

Our proposals aim to make capital raising easier on UK public markets and remove barriers to retail participation, while ensuring that investors have the high-quality information they need.  

The new POATRs also continue to deliver recommendations made by the UK Listing Review[7] in March 2021.