UK FCA Primary Market Bulletin 63 – POATRs regime

The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 63 (PMB 63) setting out updates relevant to primary market participants following the implementation of the Public Offers and Admissions to Trading Regulations 2024 (POATRs).

The FCA finalises technical note (TN) 717.3 on sponsors' record keeping requirements, following consultation in PMB 61 and without further amendments, and consults on revised guidance in TN 619.2 on working capital statement disclosures. The proposed revisions include new guidelines allowing issuers, in limited circumstances, to rely on uncommitted facilities in their working capital deductions, subject to appropriate disclosure. The deadline for responses to the consultation on TN 619.2 is 15 June. The bulletin also provides a summary of minor amendments to the UK Listing Rules (UKLR) sourcebook and the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook made through quarterly consultation papers, and signals future consultations on POATRs-related rule changes in Q4 this year— inviting market participants and advisers to notify the FCA of any "snagging" issues with the UKLR or PRM by the end of August.

In addition, the FCA provides an update on disclosures for specialist issuers, confirming a pause in policy work on climate related disclosure expectations pending updates to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and further assessment of the impact of the new POATRs regime.

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