PRM forms and checklists

From 1 December 2025, issuers can submit the following for approval on or after 19 January 2026:

• Draft prospectus.
• Registration document.
• Universal registration document.
• Securities note.
• Summary prepared under the new framework.

This can be done, as usual, via ESS.

Any prospectus submitted under the new framework can only be approved on or after 19 January 2026.

The new forms and PRM cross-reference checklists are available on this page.

From 1 December 2025 – 16 January 2026, issuers will need to submit an additional short form for any review under the new framework[7]. This will help ensure an efficient review and smooth cutover in January 2026.

This form, as well as the completed cross-reference checklists, should be submitted with the first submission.

On or after 19 January 2026, once the new regime is in force, issuers will need to provide a completed and signed version of the Form A related to the PRM.

If we approve a prospectus before 19 January 2026, and it remains valid after 18 January 2026, the existing UKPR requirements for supplementary prospectuses will continue to apply.

When submitting between 19 January 2026 and 18 January 2027, issuers will need to confirm if they are seeking approval under the prospectus regime pre-19 January 2026 and the pre-19 January 2026 prospectus remains valid.

When submitting your documents, use the UKPR forms and checklists.

In these instances, contact the individuals allocated to your case using the details on ESS.

After 18 January 2026, you will need to comply with PRM and new forms and checklists will need to be submitted.

Your review team can discuss specific arrangements for your case, but you may wish to submit via ESS revised cross-reference checklists for PRM prior to 19 January 2026.

Any new applicants will also need to submit revised eligibility checklists.

Contact the individuals allocated to your case using details on ESS.

If the securities are being listed after 19 January 2026, you will need to submit, via ESS, revised cross-reference checklists reflecting the UKLR eligibility requirements in force as at the 19 January 2026.

There are transitional provisions in the UKLR allowing an issuer, subject to meeting the transitional provision conditions, to rely on a valid prospectus approved before 19 January 2026 for listing after 19 January 2026.

You will need to discuss with the relevant regulated market about admitting the securities to the regulated market.  

If issuers have an ongoing prospectus review that was submitted before 1 December 2025 under the UKPR and a fee has already been paid, this will be applied to any ongoing prospectus review.

A new fee will not be incurred.

We will continue with our existing approach of lapsing cases where there has been no substantive activity for 3 months.

Turnaround times will be suspended between 22 December 2025 and 2 January 2026 inclusive (see Listings and listings data management over Christmas and New Year[19]).

We will be busy before and after the implementation of the new rules (December 2025 and January 2026). We are unlikely to be able to expedite our turnaround times. Issuers and their advisers should plan accordingly.

If an issuer wants an approval before 19 January 2026, contact our Listings Department (see details below). We will prioritise cases where transaction deadlines are outside the issuer’s control.

Under the PRM, there is a single disclosure standard based on the UKPR requirements for wholesale non-equity securities.

This is a change from the UKPR which requires more disclosure in prospectuses for issuances of non-equity securities with a denomination per unit below €100,000 (defined by the rules as retail securities) than for non-equity securities with a denomination at or above that threshold (defined as wholesale securities).

Issuers will need to update their retail base prospectus approved under the UKPR to comply with PRM. Under the UKPR, the PRM also include additional disclosure requirements for asset backed securities and securities with a derivative element, though there is a single standard for these disclosures regardless of denomination.

When we are reviewing any PRM prospectus, we will consider the complexity of the security but we will not vary the approach depending on denomination.

Under the PRM there is a single disclosure standard based on the UKPR requirements for wholesale non-equity securities.

This is a change from the UKPR which requires more disclosure in prospectuses for issuances of non-equity securities with a denomination per unit below €100,000 (defined by the rules as retail securities) than for non-equity securities with a denomination at or above that threshold (defined as wholesale securities).

Issuers will need to update their wholesale base prospectus approved under the UKPR to comply with PRM.

When reviewing any PRM prospectus, we will consider the complexity of the security but we will not vary the approach depending on denomination.

Where issuers include the option to issue ‘plain vanilla’ listed bonds in low denomination to an existing programme, the review process shouldn't become more onerous.  

From 19 January 2026, Listing Particulars and Supplementary Listing Particulars, together with any final terms/pricing supplements, will not be required for the UKLRs. Instead, issuers will need to consider their obligations under POATR and PRM.

Any issuers seeking to admit new securities to the PSM before 19 January 2026 should contact us as soon as possible to discuss their specific circumstances (see contact details below).

From 19 January 2026, as set out in PS25/9[20], apart from securities that are fully fungible with existing securities already admitted on the PSM and on the Official List, new securities seeking admission to the Official List will need to be admitted to trading on a regulated market.

Sponsors should consider the likely date of the approval of an issuer’s documentation and provide the required documentation in force at any approval date.

The revised sponsor declaration forms are now available.

Sponsors with questions about the declaration, should contact our Primary Markets Specialist Supervision team.

Whether UKPR-approved prospectuses will be valid from 19 January 2026 will depend on the specific circumstances of the case and issuers may wish to consider seeking legal advice.

The saving provisions can be found in regulation 48 POATR and there are various transitional provisions contained in PRM and UKLRs.

If you have submitted your documentation for review and have been allocated a review team, contact the individuals allocated to your case using the details on ESS.

Issuers and their advisers can make a request for individual guidance[21]. If you are a sponsor, if appropriate, your key contacts can use the Sponsor Service Enquiry Line.

For any general administrative queries, contact us on 0207 066 8348.