British platform for listing companies and raising funds
The UK equity capital markets are set for a significant overhaul following the publication of the UK Listing Review (Hill Review) in 2021. The latest developments in the proposed reforms aim to enhance capital raising and improve market competitiveness.
One of the key changes is the FCA's amendments to the Public Offers Regime, which will come into effect on 19 January 2026. The new regime, replacing the current EU-derived framework, aims to create a more flexible environment for capital raising.
Another significant update is the introduction of "public offer platforms," designed to facilitate capital raising for smaller growth companies, particularly relevant to crowdfunding and similar platforms.
In terms of prospectus reforms, listed companies will generally not need to publish a prospectus when raising more capital, except in limited circumstances. The threshold for requiring a prospectus for raising additional shares has been increased to 75% of existing share capital, reducing costs and unlocking more capital for growth. The time between issuing a prospectus and an initial public offering (IPO) has also been halved to 3 days, allowing companies to list more quickly and enhancing retail participation.
The Leeds Reforms, announced in July 2025, aim to modernize UK capital markets, reduce regulatory red tape, and boost financial services competitiveness. This initiative includes plans to increase investment opportunities and create skilled jobs across the UK by 2035.
These reforms align with the UK's broader strategy to enhance its capital markets post-Brexit, following recommendations from the UK Listing Review and other subsequent reviews and consultations.
A portal has been established to gather briefings on the UK equity capital markets reforms. The portal, a resource for stakeholders to stay informed about the UK equity capital markets reforms, includes key materials published by the Financial Conduct Authority (FCA), HM Treasury, and other regulators. The materials in the portal range from updates on the proposed changes to the UK listing, prospectus, and secondary capital raising regimes to briefings on the UK equity capital markets reforms.
The proposed changes to the UK equity capital markets are the most significant in many years and are aimed at reforming the listing process, the prospectus process, and the secondary capital raising process. These reforms aim to create a more competitive and flexible environment for businesses to raise capital and contribute to the UK's economic growth.
[1] Financial Conduct Authority, "Public Offer Platforms," accessed [date],
- The Financial Conduct Authority (FCA) is introducing public offer platforms to facilitate capital raising for smaller growth companies, which is especially pertinent for crowdfunding and similar platforms, as part of the proposed reforms in the UK equity capital markets.
- The Leeds Reforms, which aim to reduce regulatory red tape and boost financial services competitiveness, include plans to increase investment opportunities and create skilled jobs across the UK by 2035, and these reforms are aligned with the UK's broader strategy to enhance its capital markets post-Brexit.
