The UK Prospectus Regime is Changing: An Overview of the UK Public Offers and Admissions to Trading Regulations (POATR)

The United Kingdom prospectus regime is changing in 2026. This presentation provides an understanding of the new UK Public Offers and Admissions to Trading Regulations 2024 (POATR) with a focus on debt capital markets. POATR will replace the existing UK Prospectus Regulation with the final rules set out in FCA Policy Statement PS25/9 applying from 19 January 2026. Following on from last year’s amendments to the UK Listing Rules, the changes are part of a UK effort to reduce friction and widen participation in capital markets whilst maintaining “an accepted and trusted framework for giving investors the information they need”. Much of the new UK regime is familiar, similar and often the same as the existing rules but there is an emphasis on simplification, targeting retail investors and regulatory competitiveness.