The Financial Conduct Authority (FCA) has published Primary Market Bulletin 65 (PMB 65), outlining several developments affecting UK equity markets, issuers and sponsors. The bulletin focuses on improving access to market data, maintaining high standards for regulatory announcements, clarifying expectations around sponsor due diligence, and reinforcing requirements relating to inside information and market integrity.
Improving Transparency in UK Equity Markets
The FCA continues its work to improve transparency and access to trade data across UK equity markets through:
- A policy statement on the framework for the UK Equity Consolidated Tape (CT);
- The launch of the Market Activity Reporter for Shares; and
- A consultation on further market structure developments.
UK Equity Consolidated Tape
The FCA has confirmed the framework for an Equity Consolidated Tape, which will bring together trading information from across UK equity markets into a single source. The tape will include both post-trade data and pre-trade best bid and offer information, making market data more accessible and affordable for participants. The FCA expects delivery within the next 18 months.
Market Activity Reporter for Shares
As an interim measure, the FCA has introduced the Market Activity Reporter for Shares, providing market-level trading information and greater visibility of trading activity while the consolidated tape is being developed.
Further Market Structure Developments
The FCA is also consulting on additional measures to support market transparency and quality, including proposals relating to post-trade transparency, supervisory expectations, market outages and systematic internaliser obligations. Feedback is invited until 16 October 2026.
FCA Scrutiny of Regulatory Announcements
The bulletin highlights the FCA’s continued focus on the quality of regulatory announcements made by issuers. The FCA has observed instances where announcements use promotional or exaggerated language more commonly associated with marketing materials.
While contextual information may be appropriate, regulatory disclosures should remain clear, accurate and focused on their regulatory purpose. Firms should also be mindful that overly promotional content could indicate weaknesses in governance and controls and may raise concerns under the UK Listing Rules, UK MAR or financial promotion requirements.
Further Clarity on Sponsor Expert Reporting
PMB 65 provides feedback from the FCA’s review of sponsor approaches to expert reporting. The FCA found that sponsors are increasingly adopting proportionate, risk-based approaches, with most able to clearly demonstrate how expert work addressed transaction-specific risks and contributed to overall sponsor comfort.
The FCA has reaffirmed that tailored expert reporting remains consistent with its expectations, provided sponsors can justify and document their approach appropriately.
Inside Information and Market Integrity
The FCA’s review of delayed disclosure notifications under Article 17(4) UK MAR found no widespread failures but identified inconsistencies in how some issuers assess and manage inside information. The bulletin serves as a reminder that disclosure can only be delayed where the issuer’s legitimate interests are protected, the public is not misled and confidentiality can be maintained.
The FCA also highlights the implementation of the Short Selling Regulations 2025, which provide enhanced powers to require additional notifications, restrict short selling activity and intervene during periods of market stress where appropriate. The FCA has stressed that these powers will be used only in exceptional circumstances and on a proportionate basis.
New ESS Listing Submission Requirement
From 21 September 2026, all new equity cases submitted through the FCA’s Electronic Submission System (ESS) must include an inside information declaration form as part of the initial submission. Cases submitted without the declaration will not be allocated for review, making it important for issuers and advisers to review their submission processes.
What This Means for Firms
PMB 65 demonstrates the FCA’s continued focus on transparency, market integrity and effective governance. Issuers should ensure regulatory announcements remain clear and compliant, maintain robust controls around inside information and prepare for the new ESS submission requirements. Sponsors should review their expert reporting frameworks to ensure a proportionate, risk-based approach is supported by adequate documentation. Meanwhile, market participants should monitor developments relating to the Equity Consolidated Tape and remain aware of the FCA’s enhanced short-selling intervention powers.
How Complyport Can Help
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