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PRACTICE NOTES
Last updated July 2019 ARCHIVED—on 21 July 2019, the Prospectus Regulation Rules Instrument 2019 came into force. This had the effect of deleting the Prospectus Rules and replacing them with the Prospectus Regulations Rules. As a result, see further: Prospectus Regulation Rules tracker Tracker overview This Prospectus Rules (PR) tracker presents a summary of recent and proposed legislative and regulatory developments, as well as the latest updates and changes in relation to the PRs and rules/guidance on the requirements to publish a prospectus, the approval process and the content of a prospectus. The tracker also covers consultation papers, policy statements, practical guidance and notices issued by the Financial Conduct Authority (FCA) (the successor of the Financial Services Authority (FSA)). Recent and future developments (2011 onwards) ​Date ​Issuing Body ​Document(s) ​Description 2019 21/07/2019 FCA Prospectus Regulation Rules Instrument 2019 (the Instrument) The Instrument came into force, deleting the provisions of the PR sourcebook. These provisions have been replaced by those contained in the Prospectus Regulations Rules 31/05/2019 FCA CP19/6: Changes
PRACTICE NOTES
ARCHIVED: This Practice Note has been archived and is not maintained. STOP PRESS: Significant reforms to the UK prospectus regime came into force on 19 January 2026. The new rules governing public offers of securities and admissions to trading in the UK are principally set out in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105, (the POATRs) and FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM).  The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked. The reforms are designed to simplify capital raising and significantly reduce the occasions when a company is required to publish an FCA approved prospectus for a further issues of shares. For full information on the changes see Practice Note: UK prospectus regime reform. This Practice Note reflects the prospectus regime in force in the UK prior to 19 January 2026. This archived Practice Note provides guidance in relation to when a prospectus was required in connection with an IPO or a secondary offer
NEWS
The Prosperity Institute has published a policy paper authored by Suella Braverman KC MP and Guy Dampier, titled ‘Why and How to Leave the European Convention on Human Rights’. The paper sets out the authors’ view that the UK’s relationship with the European Convention on Human Rights (ECHR) has changed significantly over time, citing the introduction of the individual right of petition, the ‘living instrument’ doctrine and the binding nature of judgments by the European Court of Human Rights (ECtHR) as contributing to a perceived loss of sovereignty. The paper argues that the incorporation of the ECHR into domestic law through the Human Rights Act 1998 (HRA 1998) has expanded human rights law in ways that affect areas such as immigration, asylum and the treatment of veterans.
NEWS
Law360: Gen Z is the least likely age group to blow the whistle on an employer over workplace wrongdoing such as health and safety breaches, fraud, bullying or harassment, according to research published on 23 June 2025.
GLOSSARY
A protected characteristic is a personal attribute that the law shields from discrimination, harassment or victimisation in employment and in the provision of services and public functions. In England, Wales and Scotland, the term is defined in the Equality Act 2010 and covers age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex and sexual orientation. In Northern Ireland, there is no single equality statute; equivalent protection arises under multiple orders and Acts (for example, relating to sex, race, disability, religious belief and political opinion), and “protected characteristic” is used as a convenient umbrella term in practice. In Ireland, the Employment Equality Acts and Equal Status Acts protect “discriminatory grounds” (such as gender, civil status, family status, sexual orientation, religion, age, disability, race, and membership of the Traveller community), which serve a similar function to protected characteristics. Identifying the relevant protected characteristic is central to advising on discrimination claims, drafting policies, conducting equality impact assessments, and defending or bringing proceedings before tribunals and courts across the UK and Ireland.
GLOSSARY
The term used to describe the nine statutory forms of discrimination that are protected by employment discrimination legislation: Race; Sex; Disability; Religion or belief; Sexual Orientation; Age; Marriage and Civil Partnership; Gender Re-Assignment; Pregnancy and Maternity.
NEWS
Ireland—Employment analysis: This article was written by A&L Goodbody’s Employment Team. It examines a significant award of compensation made by the Workplace Relations Commission (WRC) under the Protected Disclosures Act 2014 (Ireland) in two related cases (Fiona O’Neill v Waterford Intellectual Disability Association (WIDA)).
PRACTICE NOTES
What hedgerows are protected? Certain hedgerows are protected by the Hedgerows Regulations 1997 (HR 1997), SI 1997/1160, enacted under the Environment Act 1995. Two levels of protection are afforded, as further explained below: • a hedgerow which fulfils criteria relating to its length and location as set out in HR 1997, reg 3 cannot be removed unless the relevant local planning authority (LPA) has received written notice of the proposed works • the LPA can only prevent the hedgerow from being removed if the hedgerow is also considered an important hedgerow for the purposes of HR 1997, reg 4 Additionally, in England, the Management of Hedgerows (England) Regulations 2024 (MH(E)R 2024), SI 2024/680 require: • a buffer strip of two metres of the centre of an important hedgerow to be established and maintained, in which land cannot be cultivated and fertilisers cannot be used • that no cutting or trimming of an important hedgerow can take place from 1 March to 31 August of any year If a hedgerow is not protected under HR 1997
GLOSSARY
Modification that would or might result in: any subsisting right that is not a right or entitlement to money purchase benefits becoming, or being replaced with, such a right or entitlement; or the reduction of any pension in payment.
GLOSSARY
A person who lacks capacity to conduct the litigation, within the meaning of the Mental Capacity Act 2005.
GLOSSARY
Since A-day, subject to satisfying certain conditions, HMRC will allow benefits to be paid to pension scheme members prior to age 55 without an unauthorised payments charge being levied.
GLOSSARY
The amounts that were paid before the impact of the Finance Act 2009 on pension contributions in relations to earnings over £150,000 (see the Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (SI 2010/429)).