UK Listed Companies
UKLR: PROPOSED CHANGES TO SHARE BUY-BACK NOTIFICATION REQUIREMENTS
The Financial Conduct Authority (FCA) has published CP25/24: Quarterly Consultation, which includes proposes changes to the notification requirements for issuers undertaking share buy-backs under the UK Listing Rules (UKLR).
The FCA proposes to extend the deadline by which issuers must notify the market of purchases of their own equity shares. Currently, notification is required by 7:30am on the first business day following the calendar day on which the buy-back occurs. The proposed change would allow notification by the seventh daily market session following the buy-back. The FCA is also seeking feedback on whether the current notification requirements under UKLR 9.6.6R are proportionate and useful.
The consultation is open until 15 October 2025. Arthur LLP is making a submission to the FCA. Our response will also address a potential inconsistency in how notification requirements apply to share buy-backs conducted by way of share redemption, which is particularly relevant to Irish-incorporated issuers.
FCA TO CONSULT ON TRANSITION TO ISSB-ALIGNED DISCLOSURES
The FCA is expected to consult in Q4 2025 on updating its TCFD-aligned disclosure rules to reference the UK Sustainability Reporting Standards (UK SRS), which are based on the ISSB’s IFRS S1 and S2 with minor amendments. The UK government’s consultation on the draft UK SRS S1 and S2 closed on 17 September 2025, with final endorsement and publication of the UK SRS awaited.
LSE DIVIDEND TIMETABLE 2026
The London Stock Exchange has published its dividend procedure timetable for 2026.
HORIZON SCANNING
15 October 2025
FCA Consultation on UKLR closes
Q4 2025
FCA to consult on updating climate-related disclosure rules
19 January 2026
New UK prospectus regime applies
UK PROSPECTUS REGIME
The FCA published Policy Statement PS25/9 setting the final rules to implement the new Public Offers and Admissions to Trading Regulations 2024 (POATRs ), which will replace the UK Prospectus Regulation from 19 January 2026 . The rules introduce the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook, make amendments to the Market Conduct sourcebook for firms operating primary multilateral trading facilities, and update the UKLRs.
FCA MARKET WATCH
In Market Watch 83, following supervisory reviews of corporate finance firms that provide advisory and corporate broking services to small and mid‑cap companies, the FCA highlights examples of market‑sounding practices that risk the unlawful disclosure of inside information and explains how such practices may fall short of compliance with the UK Market Abuse Regulation.