Multilateral trading facility or MTF meaning

The planned reforms aim to strengthen the appeal of the UK’s capital markets. They carry notable consequences for IPOs and secondary equity raises where securities will be admitted to trading on a UK regulated market, such as the LSE’s Main Market, or on a UK multilateral trading facility (MTF), such as AIM. Market rulebooks set the eligibility thresholds, admission conditions and ongoing duties once on a primary MTF, and for issuers of debt securities on a UK regulated market. Background The consultation follows the adoption earlier this year of the Public Offers and Admission to Trading Regulations, which created the framework for the planned overhaul of the UK prospectus regime. In particular, it is proposed that: offering securities to the public will be barred unless an exemption applies, with a key exemption where the offer is conditional on the securities being admitted to trading on a UK‑regulated market or a primary MTF the liability threshold for investor claims concerning certain forward-looking statements (described as...

In this issue Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q&As Useful information Equity capital markets Key points from UK prospectus regime reform consultation On 26 July 2024, the Financial Conduct Authority (FCA) released a consultation paper outlining reforms to the UK prospectus regime. The proposals have notable consequences for initial public offerings and secondary equity issuances where securities are intended to be admitted to trading on a UK regulated market, such as the London Stock Exchange (LSE) main market, or a UK multilateral trading facility (MTF), such as AIM. Written by Vanessa Blackmore, partner, Ben Perry, partner, and Matthew Triggs, practice area associate, at Sullivan & Cromwell LLP. See News Analysis: Key points from UK prospectus regime reform consultation...

This brief guide sets out practical details on making notifications of transactions or dealings in a company’s shares, and specified other securities, by persons discharging managerial responsibilities (PDMRs) and persons closely associated with them (PCAs) under Article 19 of Assimilated Regulation (EU) No 596/2014 on market abuse (the UK Market Abuse Regulation). For an in‑depth overview of the regime on PDMR transactions, see Practice Note: Continuing obligations—transactions by a person discharging managerial responsibilities (UK Market Abuse Regulation and DTR 3). Which companies are subject to the provisions on PDMR transactions under Article 19 of the UK Market Abuse Regulation? The disclosure rules for PDMR transactions in Article 19 of the UK Market Abuse Regulation apply to: a company with financial instruments admitted to trading on a UK regulated market, which includes the London Stock Exchange’s Main Market and the AQSE Main Market a company with financial instruments admitted to trading on a UK multilateral trading facility (UK MTF), which includes AIM and the AQSE...

This Practice Note outlines the principal features of the UK public offers and admissions to trading regime applying from 19 January 2026, as detailed in: The Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (POATRs) FCA Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (PRM) (and the associated FCA policy statement PS25/9) FCA policy statement PS25/10: Final rules for public offer platforms, published on 15 July 2025 The POATRs, SI 2024/105, establish the statutory framework governing public offers of securities and the admission of securities to trading in the UK, replacing the former UK Prospectus Regulation. Two headline reforms are the removal of an express statutory obligation to produce a prospectus and the conferral of broader rule‑making powers on the FCA for admissions to trading and public offers. The FCA’s rules now determine when a prospectus is required and specify its content requirements. Background to the prospectus regime reforms The UK Listing Review, published in March...

This FLASHCARD sets out the instruments captured by the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014). Categories of Instrument within the scope of the UK Market Abuse Regulation Four categories of instrument fall within scope: traded financial instruments emission allowances and related auctioned products commodity derivatives and associated spot commodity contracts benchmarks In addition, the UK Market Abuse Regulation applies to certain activities conducted away from a trading venue. Traded financial instruments The UK Market Abuse Regulation applies to: financial instruments admitted to trading on a UK-regulated market, Gibraltar-regulated market or EU-regulated market, or where a request for admission to trading has been made financial instruments traded on a UK multilateral trading facility (MTF), Gibraltar MTF or EU MTF, admitted to trading on a UK MTF, Gibraltar MTF or EU MTF, or where a request for admission to trading on a UK MTF, Gibraltar MTF or EU MTF has been made ...