UK FCA Primary Market Bulletin No. 67

The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 67 (PMB 67), covering developments relevant to primary market participants. PMB 67 highlights:

• The FCA's new interface for the National Storage Mechanism (NSM), launched in October. The enhanced NSM is the first stage of a wider programme to modernise the publication of markets regulatory information. The FCA intends to develop the service into the FCA Markets Information Resource & Archive (FCA MIRA), which will bring together datasets to provide one authoritative place for users to find, access and reuse information. The service will be free and is intended to preserve records permanently for the public to use. Further details will be provided in a future PMB.
• Findings from its review of a small sample of sponsors' use of AI in connection with sponsor services. The FCA found a consistent theme in that AI was used to support, rather than replace, professional judgement, with responsibility for final work remaining with the employees. The FCA was encouraged by sponsors' consideration of AI-related risks and encourages them to continue considering the risks and ensure the appropriate guardrails are in place.
• Changes to user profile updates in the Electronic Submission System (ESS).
• A new version of TN 619.4, which contains guidelines on disclosure requirements under the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook and guidance on specialist issuers. The FCA states that the changes are purely consequential to reflect terminology already adopted across the PRM, the UK Listing Rules sourcebook and the Public Offers and Admissions to Trading Regulations 2024.

Separately, the FCA published a guidance consultation (GC26/8) on minor changes to its Knowledge Base. It proposes:

• consequential amendments to TN 602.5 on exemptions from the requirement to produce a prospectus and TN 605.5 on supplementary prospectuses following changes to the PRM.
• to revoke: (i) TN 103.1 on the independent business requirements for companies applying for premium listing; and (ii) Procedural Note 902.4 on listing securities via final terms, as the latter duplicates information available elsewhere on the FCA's website.

The deadline for comments on the consultation is 9 December.

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