3VB Group Litigation Blog: The January 2026 Prospectus Liability Reforms
3VB’s Group Litigation Blog has published a new article by Adam Kramer KC and Emma Hughes examining the impact of the Public Offers and Admissions to Trading Regulations 2024, which came into force on 19 January 2026 and introduced the most significant reform of the UK’s prospectus liability regime in many years.
In The January 2026 statutory reforms to prospectus liability, the authors consider the key changes introduced by the new regime, including:
- the replacement of the previous section 90 FSMA framework with a new liability regime under Regulation 30 of POATR;
- the extension of statutory liability to MTF admission prospectuses, including AIM admission documents;
- the introduction of a separate fault standard for protected forward-looking statements;
- new climate and sustainability-related disclosure requirements; and
- practical issues and potential areas of future securities litigation arising from the reforms.
The article also includes a detailed comparison between the former section 90 regime and the new Regulation 30 framework, providing a useful reference for practitioners advising on securities claims and capital markets disputes.
Read the full article on the 3VB Group Litigation Blog:
The January 2026 statutory reforms to prospectus liability.
Securities Litigation – Book Launch
The blog coincides with the publication of Securities Litigation, the new practitioner textbook edited by Adam Kramer KC and Peter de Verneuil Smith KC. Published by Sweet & Maxwell and available on Westlaw UK, the book is the first practitioner text dedicated to shareholder claims against issuers in England and Wales and provides comprehensive analysis of claims under sections 90 and 90A FSMA, together with related common law causes of action and procedural issues.
3VB will host the official book launch on Thursday 2 July 2026 at the Inner Temple. The event will include an introduction to the book followed by a drinks reception.
Find out more and register for the book launch:
Securities Litigation – Book Launch.
