HM Treasury Starts UK Prospectus Regime Review Consultation

Lord Hill’s landmark Listings Review made a series of recommendations to the government. The government has accepted Lord Hill’s recommendations and is committed to improving the prospectus regime inherited from the EU.

HM Treasury have started this process by formal consultation. The UK Prospectus Regime Review consultation document can be found at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/999771/Consultation_on_the_UK_prospectus_regime.pdf and is looking for views from parties that invest or are involved in UK Capital Markets. Whilst being directly relevant to TACT members in the Loan Capital & Capital Markets sector, these securities may also form part of Pension and Private Trust portfolios.

The Government are seeking to enhance UK Capital Markets as follows:

1. Facilitate wider participation in the ownership of public companies, and remove the disincentives that currently exist for the issuance of securities to wide groups of investors, including retail investors;

2. Simplify the regulation of prospectuses and remove unnecessary duplications, without lowering regulatory standards;

3. Improve the quality of information investors receive under the  prospectus regime; and

4. Ensure that the regulation of prospectuses is more agile and dynamic.

TACT would like members to be aware of this consultation and have the ability to respond directly or give their views to TACT so that a response can be made on behalf of all members.

The final deadline for submissions is Friday 24 September 2021. Members can respond direct to HM Treasury by email to UKProspectusRegime@hmtreasury.gov.uk or send their comments direct to scott.clayton@tactweb.org by Friday 10 September 2021.