Statement on notifications relating to admissions to trading and recent changes to the UK Listing Rules
Executive Summary
The FCA's statement clarifies forbearance on overlapping notification requirements for admissions to trading under the new POATRs regime effective 19 January 2026, addressing confusion from removed block listing exemptions in UKLR. It matters because it provides temporary relief from duplicative RIS notifications for frequent issuers, preventing unintended supervisory burdens while the FCA consults on rule amendments. #
What Changed
- - POATRs and UKLR Updates: Effective 19 January 2026, PRM 1.6.4R requires issuers to notify a Regulatory Information Service (RIS) of any admission to trading within 60 days, allowing grouping of multiple admissions for proportionality.
- Overlapping UKLR Rules: Provisions in UKLR 6.4.4R(4), 13.3.20R(4), 14.3.17R(4), 16.3.16R(4), and 22.2.17R(4) require "as soon as possible" RIS notifications for new equity issues or public offers, conflicting with the 60-day rule post-block listing d
- Forbearance Policy: FCA will not take enforcement action for non-compliance with the "as soon as possible" rules for securities under prior block listings (unissued/offered before 19 January 2026, same purpose), until changes are announced.
- Upcoming Consultation: FCA intends to consult "shortly" on removing the conflicting UKLR provisions, aligning solely with PRM 1.6.4R's 60-day requirement.
Suggested Considerations
- Review ongoing/future issuances against former block listing criteria: confirm securities unissued pre-19 January 2026 and same purpose to rely on forbearance.
- Implement PRM 1.6.4R: Notify RIS within 60 days of any admission to trading, grouping where possible.
- Monitor FCA announcements for consultation launch and updates; prepare responses if issuing frequently.
- Document reliance on forbearance (e.g., internal memos linking to original block listing) for audit trails.
- No immediate "as soon as possible" notifications needed under forbearance for qualifying cases.
Key Dates
Compliance Impact
Urgency: Medium - Forbearance reduces immediate risk of enforcement for qualifying issuers, but ongoing POATRs compliance (60-day notifications) is mandatory. Matters for operational efficiency, as misalignment could lead to duplicative reporting costs; non-qualifying issuances risk breaches until consultation resolves.
Who is Affected
References
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Summary
Our clarification about forbearance following the introduction of the new Public Offers and Admissions to Trading Regulations (POATRs) regime. On 19 January 2026, the Public Offers and Admissions to Trading Regulations (POATRs) regime and associated changes to our listing processes in the UK Listing Rules (UKLR) came into force. These changes introduced a requirement in the Prospectus Regime Manual (PRM 1.6.4R) for issuers to notify a Regulatory Information Service (RIS) of any admission to t...