Financial Conduct Authority Prospectus Rules Updated

In November 2015, the European Commission adopted a legislative proposal for a new Prospectus Regulation which will, in due course, repeal and replace the current Prospectus Directive and related implementing measures. Although the precise timeline for implementation of the new regulation is so far uncertain, it is unlikely to be applicable before mid-2017 at the earliest.

Meanwhile, some changes to the existing Prospectus Directive regime have been made by a Commission Delegated Regulation (Delegated Regulation) dealing with regulatory technical standards under the Omnibus II Directive.

Following consultations in September 2015 and December 2015 the Financial Conduct Authority has, effective 24 March 2016, made some changes to its Prospectus Rules sourcebook to align the UK rules with the regulatory technical standards in the Delegated Regulation. This covers the following areas.