Jurisdiction(s):
United Kingdom

POATRs 2024 and FCA PRM: Prospectus Exemptions for Admission to Trading on UK Regulated Markets, and Definition of Transferable Securities

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Practice notes

The FCA’s Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (PRM) explains when a prospectus must be published for transferable securities seeking admission to a UK regulated market. In essence, an approved prospectus is needed for admission of transferable securities to a UK regulated market unless an exemption in the PRM applies. Those exemptions are contained in PRM 1.4.3R–PRM 1.4.13R. The PRM rules were made under the FCA’s enhanced rule-making responsibilities conferred by The Public Offers and Admissions to Trading Regulations 2024 (POATRs), SI 2024/105, which provide the main legislative framework for UK public offers of securities and for admitting securities to trading. Transferable securities of the kinds specified in PRM 1.3.1R are carved out from the prospectus obligation and from the PRM overall.

Summary of exemptions from the requirement to produce a prospectus

The table below summarises the exemptions from producing a prospectus where a commercial company is admitting transferable securities to trading on a UK regulated market...

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Web page updated on 22/05/2026

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