The Financial Conduct Authority has finalized prospectus guidance allowing issuers to take certain uncommitted financing facilities into account when providing a clean working capital statement, provided directors judge that the facilities will remain available throughout the working capital period and make appropriate disclosures. If the facilities cannot be considered available and sufficient committed financing cannot be secured, the prospectus should contain a qualified working capital statement. The changes implement the new public offers and admissions to trading regime and aim to avoid issuers obtaining committed financing solely to support a clean statement. The FCA is also consulting on guidance for listed companies applying the new UK Sustainability Reporting Standards on a comply or explain basis for accounting periods beginning Jan. 1, 2027. The proposed guidance addresses the detail expected when companies comply or explain, while the regime permits one-year deferral of Scope 3 disclosures and two-year deferral of non-climate UK SRS S1 disclosures. Separately, the bulletin emphasizes that cyber incidents must be assessed case by case under the UK Market Abuse Regulation, with inside information disclosed as soon as possible unless the conditions for delay are met and confidentiality can be maintained. It also flags revised Financial Reporting Council directions permitting specified Stock Connect audits under Chinese auditing standards, subject to risk disclosures, and clarifies when UK Listing Rules checklists are required.

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