UK secondary capital raising reforms: Austin Review implementation tracker—pre-emption changes (PEG 2022), FCA prospectus/Listing Rules updates, retail participation, and share ownership digitisation
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Practice notes
This Practice Note examines proposals to enhance the secondary capital raising process for already publicly traded companies, as set out in Mark Austin’s, published in July 2022, and considers how those proposals have since been taken forward.
Background
Lord Hill’s UK Listing Review, issued in March 2021, set out a series of recommendations to strengthen the UK’s appeal as an IPO venue and to optimise capital-raising processes for companies on UK markets. Among these was a recommendation to explore how to make further capital raising by listed companies more efficient. This was launched in October 2021, when HM Treasury appointed Mark Austin to lead an independent review of the UK’s secondary capital raising processes. Mark Austin chairs the Financial Conduct Authority’s (FCA) Listing Authority Advisory Panel. As outlined in the government’s Terms of Reference, the review’s objective was to make recommendations to improve capital-raising processes for existing publicly traded companies. The work included consideration of improvements to structures such as rights issues, under which shares are offered to existing shareholders pro rata to their current holdings. In his Call for Evidence, Mr Austin set out a number...
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Web page updated on 22/05/2026
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