Aquis Growth Market: Key Rulebook Changes Effective from 19 January 2026

Aquis Stock Exchange (“AQSE”) has confirmed a series of important changes to the Aquis Growth Market Rulebooks, all of which take effect on 19 January 2026. The changes reflect (i) implementation of the new UK public offers and admissions to trading (“POAT”) regime, and (ii) AQSE’s decision to proceed with the introduction of Aquis Support Services, a new alternative to the retained corporate adviser model.

Implementation of the POAT regime

The most significant change is the replacement of the existing Aquis admission document with a requirement to publish a multilateral trading facility (“MTF”) admission prospectus on an initial admission to trading on the Aquis Growth Market, subject to certain exemptions. This change reflects the new statutory framework under the POAT regime, which recognizes admissions to trading on a primary MTF (including the Aquis Growth Market) as a distinct category from admissions to a regulated market.

While the content requirements of the MTF admission prospectus are broadly aligned with those of the existing admission document, the revised Rulebooks introduce several important changes. These include:

• new rules on when a supplementary prospectus must be published;
• provisions governing the inclusion of protected forward‑looking statements in an MTF admission prospectus; and
• additional disclosure requirements where securities are being offered.

As part of the same exercise, AQSE has also decided to no longer permit debt securities to be admitted to trading on the Aquis Growth Market.

The POAT regime more broadly

The POAT regime replaces the existing UK prospectus regime and is primarily governed by the Public Offers and Admissions to Trading Regulations 2024, together with new FCA rules set out in the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. The POAT Regulations 2024 come fully into force on 19 January 2026, at which point the UK Prospectus Regulation is formally revoked under the Financial Services and Markets Act 2023. Related amendments to the FCA’s Market Conduct sourcebook and the UK Listing Rules also take effect on this date, and the FCA Handbook has been updated accordingly.

The new regime is the product of extensive consultation and forms part of the government’s wider programme of reforms aimed at improving the efficiency, flexibility and international competitiveness of UK capital markets. Although a prospectus will still be required on an initial public offering of shares, the POAT regime significantly relaxes the position for secondary fundraisings by increasing the threshold for when a prospectus is required from 20% to 75% of shares already admitted to trading.

Introduction of Aquis Support Services

Alongside the POAT‑driven changes, AQSE has also confirmed final rule changes flowing from its September 2025 consultation on Aquis Support Services. This new service allows companies admitted to trading on the Aquis Growth Market to receive ongoing regulatory support directly from an AQSE‑approved law firm, as an alternative to retaining a corporate adviser on an ongoing basis.

Following feedback on the consultation, AQSE has decided to proceed with the introduction of Aquis Support Services and has published separate redline versions of the Access and Apex Rulebooks showing the final changes. These amendments also take effect on 19 January 2026.

The new model is intended to provide greater flexibility and proportionality for Growth Market companies, while preserving the requirement to appoint a corporate adviser for specific transactions, such as an IPO, a reverse takeover or where a potential rule breach arises.

Final Rulebooks

On 16 January 2026, AQSE published final, amended versions of its Growth Market Rulebooks, incorporating both the POAT‑related amendments and the changes required to introduce Aquis Support Services. These revised Rulebooks are effective from 19 January 2026 and mark a significant evolution in the regulatory framework governing companies admitted to trading on the Aquis Growth Market.