On 15 July 2025, the Financial Conduct Authority (FCA) released Policy Statement PS25/9, confirming the final rules under the Public Offers and Admission to Trading Regulations 2024 (POATRs). These reforms overhaul the UK’s prospectus regime, replacing the retained EU Prospectus Regulation and taking effect from 19 January 2026. The new framework aims to simplify capital raising, reduce costs for issuers and enhance the UK’s competitiveness as a listing venue. 

The FCA’s reforms are part of a broader government strategy to ensure regulation is targeted, proportionate and growth-oriented. They follow extensive consultation, including CP24/12 and CP25/2, and reflect recommendations from Lord Hill’s UK Listing Review and the Secondary Capital Raising Review.

Direct Sellers, time to let out a sigh of relief. On September 5, 2025, the Federal Trade Commission officially dropped its appeal of a federal court’s decision striking down the FTC’s rule banning non-competes.