Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Prospectus definition

What does Prospectus mean? In capital markets practice, a prospectus is the document given to potential investors describing the securities on offer or to be admitted to trading and the issuer (and any guarantor), so investors can make an informed assessment. In the UK and Ireland it is a defined concept under the prospectus regime (UK onshored Prospectus Regulation and FCA rules; EU Prospectus Regulation (2017/1129) and Central Bank of Ireland rules). It generally requires prior approval by the competent authority (FCA in the UK; CBI in Ireland), unless an exemption applies (for example, qualified investors only or high minimum denominations). Key features include: prescribed...

Archived: UK debt prospectus regime—retained EU rules plus POATRs 2024 and FCA 2026 reforms on public offers, admissions and disclosure

Published by a LexisNexis Banking & Finance expert

Practice notes

ARCHIVED: This Practice Note is archived and no longer maintained.

STOP PRESS: The UK Prospectus framework, previously derived from the EU Prospectus Regulation, has been superseded by the Public Offers and Admission to Trading Regulations 2024 (POATRs), with detailed admission-to-trading requirements now contained in the Financial Conduct Authority (FCA) admission rules. The FCA issued its final rules (PS25/9) on 15 July 2025, and these rules took effect on 19 January 2026. In October 2025, the FCA released Primary Market Bulletin 58 which, among other matters, provided guidance on the timing and approval of prospectuses (and supplementary prospectuses) and confirmed the removal of Listing Particulars as an admission document under the new framework. For further information on the POATRs’ key elements relevant to the debt capital markets, see: Reform of the UK prospectus regime. This Practice Note focuses on debt capital markets and offers an overview of the principal provisions of the current UK regime, together with a summary of the main features of the new UK prospectus framework that are relevant to debt capital markets.

Brexit—onshoring of the EU Prospectus Regulation

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Web page updated on 21/05/2026

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