Regulated market meaning

In March 2018, Euronext acquired the Irish Stock Exchange plc, which then joined Euronext’s federal structure and now trades as Euronext Dublin, with Ireland recognised as one of Euronext’s six core countries. Euronext is the foremost pan-European marketplace in the Eurozone, operating across Belgium, France, Ireland, The Netherlands, Portugal and the UK. Its mission is to energise pan-European capital markets to fund the real economy, uniting buyers and sellers in venues that are transparent, efficient and dependable. What are the rules applicable to listing debt securities on Euronext Dublin? Euronext Dublin—EU Regulated Market The Central Bank of Ireland (CBI) is the competent authority responsible for reviewing and approving a prospectus (Prospectus) for the purposes of the Prospectus Regulation (EU) 2017/1129 (PR). The PR prescribes the relevant annex items to be included in a prospectus, depending on the issuer’s profile and the nature of the transaction. The European Union (Prospectus) Regulations 2019 (the Irish Regulations) took effect on 21 July 2019, replacing the prior Irish Prospectus (Directive 2003/71/EC)...

For further details on the documents outlined below, please refer to Practice Note: Issuing debt securities—key documentation. Appointment of the arranger The issuer (Issuer) designates an arranger (Arranger) to set up the programme. The Arranger may additionally serve as a dealer or manager for later note issues under the programme. Responsibility —Issuer and Arranger. Appointment of the dealers The dealer(s) (Dealers) will enter into a dealer agreement with the Issuer and the Arranger. For a syndicated issue, the Dealers and the Issuer may also sign a subscription agreement. New dealers may be added to the programme after launch via a dealer accession letter. Responsibility —Dealers, Arranger and the Issuer. Appointment of the agents The Issuer will appoint agents to act on its behalf for the programme. These may include a fiscal agent (Fiscal Agent) or a trustee (appointed by the Issuer to represent the interests of the noteholders),...

SM&CR Compliance—Checklist Note: On 15 July 2025, the government announced the Leeds Reforms, which include plans to streamline the SM&CR. At the same time, the PRA and FCA published consultation papers CP18/25 and CP25/21. The regulators propose a two-stage reform, with Phase Two to follow, subject to legislative changes under HM Treasury consultation. Final Phase One requirements are expected mid-2026, with any Phase Two consultations dependent on HMT legislation. See News Analysis: Reform of the SM&CR—Proposals and next steps. Overview The Senior Managers and Certification Regime (SM&CR) is the UK framework governing individuals working in financial services. It aims to widen personal liability, prioritising senior management accountability and fostering a firm-wide culture of responsibility to reduce consumer harm and reinforce market integrity. The regime comprises: Senior Managers Regime (SMR) – ensures Senior Managers can be held to account for misconduct within their remits. Certification Regime – applies standards of conduct to individuals working in financial services. Conduct Rules – set conduct...

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On 9 October 2024, the FCA noted that firms it regulates frequently act on instructions to execute trades from so-called aggregated accounts, which, while offering legitimate benefits such as streamlined administration, can also create risks if not properly controlled and monitored. Such arrangements can, in some circumstances, facilitate market abuse, where a single actor harms other investors, for example by purchasing shares using information that has not been made public. In its latest Market Watch newsletter, the FCA reported a rise in suspected market abuse in leveraged equity instruments linked to aggregated accounts managed by firms located overseas, particularly in jurisdictions where controls to deter market abuse may not effectively match those overseen by the FCA. Leveraged equity products depend on modest sums of capital being...

STOP PRESS: On 21 July 2019, Prospectus Regulation (EU) 2017/1129 became fully effective across EU member states, and the Prospectus Directive was repealed. The Regulation now sets out when a prospectus must be published for an offer of securities to the public in the UK, or for the admission of securities to trading on a regulated market in the UK. To reflect this, the FCA has brought the FCA Handbook into line with the Regulation by removing the Prospectus Rules in their entirety and substituting the Prospectus Regulation Rules sourcebook. For more detail, see Practice Note: The UK Prospectus Regulation—essentials [Archived] and The UK Prospectus Regulation—is a prospectus required? [Archived]. ARCHIVED: This archived Practice Note is not maintained and is provided for background purposes only. Further information is available in Practice Note: The UK Prospectus Regulation—essentials [Archived]. This Practice Note examines, under the previous Prospectus Directive framework, when a prospectus had to be published for an offer of securities to the public in the UK or for admission...

What does this Practice Note cover? The primary emphasis of this Practice Note is on debt securities (such as bonds or notes) and it provides an introduction to: trading, settlement and custody of debt securities in the UK, and the key UK regulatory frameworks that govern these activities This Practice Note also highlights the main categories of relevant service providers and summarises the UK regulatory frameworks applicable to them. For a quick summary of how the debt capital markets are regulated in the UK, see Practice Note: EU and UK regulation of the debt capital markets—one minute guide. For information on the debt securities market infrastructure in the EU, see Practice Note: EU Debt securities market infrastructure. Introduction The importance of tradeability of debt securities Tradeability is a fundamental attribute of debt securities. Investors’ ability to purchase and sell—trade—debt securities depends on: standardisation of the terms and conditions of debt securities (for more information, see Practice...

Why are construction products regulated? Construction products are regulated to: confirm that any item entering the market meets all legal obligations, and build trust among consumers, public authorities and manufacturers regarding product conformity What sort of products are affected? ‘Construction product’ means any product or kit manufactured and placed on the market for permanent incorporation in construction works, or their parts, where its performance affects how those works satisfy the basic requirements. This includes items such as doors, windows, shutters and gates, membranes, thermal insulation, chimneys and flues, sanitary appliances, fire alarms, flooring, fire-retardant products, space heating appliances, power cables, glass, fixings, and many others. Key definitions Placing on the market ‘Placing on the market’ is the first time a construction product is made available on the GB market, as described in UK government guidance. Making available on the market ‘Making available on the market’ means any supply of a construction product for distribution or use...

STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026 Major changes to the UK regime for public offers and admissions to trading took effect on 19 January 2026. The framework for securities offers and UK market admissions is now chiefly contained in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), together with the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. The reforms aim to simplify capital raising and substantially lessen the circumstances in which a company must publish an FCA-approved prospectus for a further share issue. For full details of the changes, see Practice Note: UK prospectus regime reform. This Practice Note sets out the prospectus regime that applied before 19 January 2026...

STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026 The framework now governing public offers of securities and admissions to trading in the UK is chiefly set out in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), together with the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. These reforms are intended to streamline capital raising and markedly cut the number of situations in which a company must publish an FCA approved prospectus when undertaking a further issue of shares...

STOP PRESS : Major changes to the UK prospectus framework took effect on 19 January 2026. The updated regime for public offers of securities and for admissions to trading in the UK is primarily contained in the Public Offers and Admissions to Trading Regulations 2024 (SI 2024/105) (the POATRs) and the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked. These reforms aim to streamline capital raising and significantly reduce the instances when a company must produce an FCA-approved prospectus for a further share issue. Accordingly, fewer further issues will necessitate an FCA approved prospectus. For a full explanation of the changes, see Practice Note: UK prospectus regime reform. This Practice Note covers the prospectus regime that applied before 19 January 2026. UKLR: UK Listing Rules PRR: Prospectus Regulation Rules DTR: Disclosure Guidance and Transparency Rules LSE A&D: London Stock Exchange’s Admission and Disclosure Standards... ...

Passporting provisions in the Prospectus Regulation Under the Prospectus Regulation, an issuer must publish a prospectus and have it approved by a competent authority when offering securities to the public in the EEA or when applying for admission of securities to a regulated market, where no relevant exemption applies. To streamline cross-border share offerings within the EEA, the EU prospectus regime provides passporting arrangements that permit companies to produce a single prospectus usable throughout the EEA, avoiding the preparation of multiple documents for separate jurisdictions. Articles 24 to 26 of the Prospectus Regulation (EU) 2017/1129 set out these passporting provisions, stating that a prospectus approved by the competent authority in one EEA state (the home member state) can be relied upon in another EEA state (the host member state) without requiring the prospectus to be approved again by the competent authority in the host member state. As a result, a UK issuer has been able to undertake a cross-border share offer across the EEA on the basis of...