The Financial Services and Markets Act 2023 has received Royal Assent. The Act forms part of the government's Future Regulatory Framework Review, which was established to determine how the UK's financial services regulatory framework should be amended post-Brexit.
The Act will, when the relevant sections are brought into force, revoke the UK Market Abuse Regulation and the UK Prospectus Regulation – both of which are part of retained EU law post-Brexit. The Financial Conduct Authority will then have the power to set the detailed rules on when a prospectus is required and what it should contain, and the definition and disclosure of inside information.
For more details on the plans for prospectus regime reform, read our full briefing here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.