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The Prospectus Regulation

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United Kingdom

Fieldfisher corporate partner Christine Phillips assesses what the recently introduced regulation means for UK capital markets issuers.
  The Prospectus Regulation (2017/1129) which came into full force and effect on 21 July 2019 introduced changes which existing issuers are likely to welcome. 

Some of the changes are directed at issuers seeking to access capital markets frequently; other changes seek to provide tailored disclosure requirements for different issuers.

Since July 2017 a prospectus has not been required for admission to trading on a regulated market of additional securities of the same class as securities already admitted to trading on the same regulated market, provided the additional securities (calculated over a 12-month period) represent less than 20% of the securities already admitted to trading. 

While this increased the 10% exemption threshold which previously applied, an issuer will need to consider whether there could be any factors which would prevent them from taking advantage of this increased threshold. 

For more information on the impact of the Prospectus Regulation, download our insight publication here.
 

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