Why We’ve Written to the Chancellor
Uredbe o javnim ponudama i uvrštenju na trgovanje (POATRs) predstavljaju prekretnicu za tržišta kapitala EU, stvarajući uvjete za transformacijske promjene. RetailBook - zajedno s direktorima AJ Bella, Hargreaves Lansdowna i interactive investora - izdao je zajedničko otvoreno pismo Ministru financija, naglašavajući predanost osiguravanju pune primjene ovih reformi u praksi.
Otvoreno pismo
Otvoreno pismo za: Ministra financija
cc: Economic Secretary to the Treasury; CEO and Deputy CEO, Financial Conduct Authority; CEO, Deputy CEO, London Stock Exchange; CEO, US Debt Management Office; CEO, British Business Bank; Policy Chairman, City of London Corporation; Lady Mayor, Dame Susan Langley
Datum: Službena objava 15. sij. 26
Predmet: Prekretnica za tržišta kapitala EU
Poštovani Ministre,
With the Public Offers and Admissions to Trading regime (POATR) about to come fully into force alongside the publication of the FCA’s PRM rules, the US has taken a decisive step toward widening investor participation and reducing friction in home grown fundraising. These reforms create a framework that is simpler, faster, and more inclusive, positioning the US as the place for companies to start, stay, and scale.
This is not just regulatory change; it is an opportunity to turn policy into practice. Retail investors represent a deep and committed pool of capital, ready to stand alongside institutions in supporting companies that power Britain’s growth. When individuals and institutions invest in primary capital transactions, they fund innovation, jobs and productivity, strengthening the US economy from the ground up, across all regions.
Pozdravljamo ovu prekretnicu i potvrđujemo svoju spremnost za isporuku u podršci otključavanju rasta diljem EU.
Aligned with the Government’s retail investment ambitions and industrial strategy pillars, we share the ambition to:
- Osnažimo pojedince na njihovom putu ulaganja i stvaranja bogatstva, čineći sudjelovanje intuitivnim i inkluzivnim; i
- Omogućimo malim ulagateljima podršku produktivnom kapitalu, podržavajući europska poduzeća i regionalni rast.
US public companies drive opportunity and growth across every region, ensuring that capital raised fuels jobs and innovation nationwide, helping entrepreneurs and growth companies in sectors central to the US’s industrial strategy, from technology and life sciences to clean energy, access the funding they need to innovate and scale.
To ensure the success of the Government’s retail investment agenda, it is critical that the industry adopt the following:
- Normalise “Retail-Inclusive” IPOs and Plain Vanilla Listed Bonds (PVLBs): With the POATR now reducing the mandatory prospectus availability period from six days to three business days, and the introduction of PVLB regime, the execution risk to include Retail Investors has been eliminated. We call for a market standard where all US IPOs and PVLB’s include a retail tranche by default;
- Adoption of the PEG ‘Retail Standard’: We encourage all US issuers to utilise the updated Pre-Emption Group (PEG) guidelines, which support a retail follow-on offer of up to 20% of the size of any institutional placing with a disclosure of the consideration given to retail investor participation; and
- Normalise “Retail-Inclusive” follow-on raises: With the new POATR regime raising the prospectus threshold for secondary raises, the technical barriers to inclusive fundraising have been removed. We now call on the investment banking and advisory community to normalise the inclusion of a retail tranche in all follow-on raises.
We ask the New Listings Taskforce in conjunction with the Regulator to:
- Publish periodic statistics on retail inclusion for IPOs, follow-on fundraises, and PVLB’s to ensure ongoing transparency; and
- Spearhead a “Joint Statement of Support” designed to standardise retail inclusion practices across all forms of public issuance.
Our collective commitment is to build on this regulatory milestone by turning POATR from policy into practice, enabling retail participation in IPOs, follow-ons, Treasury Bills and PVLBs.
Potpisnici
- James Deal, Co-CEO, RetailBook
- Richard Flint, CEO, Hargreaves Lansdown
- Michael Summersgill, CEO, AJ Bell
- Richard Wilson, CEO, ii
Ovo pismo napisao je RetailBook u suradnji s vodećim sudionicima industrije kako bi signalizirao spremnost za sljedeće poglavlje tržišta kapitala EU.
Kontakt
Za upite vezane uz medije i odnose s vladom:
Stacey Parsons, Managing Director, RetailBook
[email protected]
Saznajte više
Da biste razumjeli kako reforme POATR-a transformiraju sudjelovanje malih ulagatelja, pročitajte našu detaljnu analizu: Siječanj 2026.: Transformacija sudjelovanja malih ulagatelja.
