Statement on Notifications Relating to Admissions to Trading and Recent Changes to the UK Listing Rules
•February 20, 2026
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Why It Matters
The clarification removes unnecessary compliance friction, preserving market efficiency while sustaining transparency for investors.
Key Takeaways
- •POATRs regime began 19 Jan 2026, 60‑day RIS notification required
- •Overlapping UKLR provisions caused duplicate notification confusion
- •FCA will consult to remove UKLR 6.4.4R(4) and equivalents
- •No enforcement for block‑listing issuers missing extra notifications
- •Goal: streamline disclosures while maintaining transparency
Pulse Analysis
The Public Offers and Admissions to Trading Regulations (POATRs) represent the UK’s latest effort to modernise securities admission procedures. By mandating a single 60‑day notification to the Regulatory Information Service, the regime aims to balance timely market disclosure with proportional reporting, reducing the administrative load on issuers that frequently list new shares. This shift aligns with broader regulatory trends that favour streamlined prospectus requirements while safeguarding investor confidence through consistent, transparent data flows.
However, the simultaneous existence of several UK Listing Rules clauses—specifically UKLR 6.4.4R(4), 13.3.20R(4), 14.3.17R(4), 16.3.16R(4) and 22.2.17R(4)—has generated practical uncertainty. Issuers that previously relied on a six‑month block‑listing exemption now face contradictory instructions to issue immediate RIS alerts for each new share issue and again upon admission. This duplication not only inflates compliance costs but also risks inadvertent breaches, prompting market participants to seek regulatory clarification.
In response, the FCA has signalled a consultative approach to excise the overlapping UKLR provisions, preserving only the 60‑day admission notification stipulated in PRM 1.6.4R. During the transition, the regulator will adopt a hands‑off supervisory stance, refraining from enforcement against issuers still operating under the legacy block‑listing framework. This interim relief provides certainty, allowing firms to focus on core capital‑raising activities while the final rulebook adjustments are debated. Ultimately, the move is expected to streamline disclosure pipelines, reduce operational friction, and reinforce the UK’s reputation as a transparent yet business‑friendly capital market hub.
Statement on notifications relating to admissions to trading and recent changes to the UK Listing Rules
Our clarification about forbearance following the introduction of the new Public Offers and Admissions to Trading Regulations (POATRs) regime. On 19 January 2026, the Public Offers and Admissions to Trading Regulations (POATRs) regime and associated changes to our listing processes in the UK Listing Rules (UKLR) came into force. These changes introduced a requirement in the Prospectus Regime Manual (PRM 1.6.4R) for issuers to notify a Regulatory Information Service (RIS) of any admission to trading within 60 days of the admission.A key reason for introducing a 60-day notification period was to avoid requiring frequent issuers of securities to publish detailed notifications each time shares are admitted to trading. The policy intention was to support transparency in a proportionate manner by enabling issuers to group admissions occurring within a 60-day period into a single notification.Since the rules took effect, it has been brought to our attention that potentially overlapping requirements in UKLR 6.4.4R(4), 13.3.20R(4), 14.3.17R(4), 16.3.16R(4) and 22.2.17R(4) have created uncertainty for some issuers. These provisions require listed companies to notify an RIS as soon as possible of the results of any new issue of equity securities or any public offer of existing equity securities.We understand that this has created confusion for issuers that previously relied on the exemption in UKLR 6.4.4R(4) for block listings, which was removed on 19 January 2026 following the deletion of the block listing rules in UKLR 20.6.It was not our policy intention that issuers who regularly issue new listed shares, and who were previously required to notify only every six months under a block listing, should now have to notify an RIS as soon as possible for each individual issue and again on admission to trading.To provide clarity, we intend to consult shortly on removing UKLR 6.4.4R(4) and equivalent provisions in other chapters of the UKLR. This would leave issuers subject only to the 60 day notification requirement in PRM 1.6.4R for admissions to trading.While these changes are being considered, and until we announce otherwise, we will not take supervisory or enforcement action where issuers previously granted a block listing under former UKLR 20.6 do not make notifications under UKLR 6.4.4R(4). This applies only to new issues or public offerings of securities covered by the former block listing that had not been issued or offered before UKLR 20.6 was revoked on 19 January 2026, and where the securities are used for the same purposes as the original block listing.Although the rules remain in force, our supervisory approach will reflect that it was not our intention to require additional or duplicative announcements and that the relevant provisions are being amended.
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