Rule packs are versioned because rules move. These are the changes that moved ours, each with the date it applies from and a link to the primary source. Two entries are corrections to claims repeated widely across this industry.
Rules were notified on 13 November 2025, but notice, consent, security safeguards, breach notification, erasure, data-principal rights and the penalty regime commence on 13 May 2027, with Consent Manager registration from 13 November 2026. Maximum penalty ₹250 crore. Dated ahead: this has not happened yet.
The seven-day gap between the approved registration document or prospectus and connected research is gone, as is the mandatory unconnected-analyst equal-information requirement. Research still cannot precede publication of the relevant document (COBS 11A.1.4F). Any day count a desk applies now is firm policy, not law.
Directive (EU) 2024/2811 begins to apply in member states, reversing rigid unbundling.
POATR replaced the UK Prospectus Regulation and the PRM sourcebook replaced PRR. The amended COBS 11A.1 cross-refers to PRM 1.4 and PRM 9.5, so any "document published" trigger has to point at the PRM definition.
SEBI (Merchant Bankers) Regulation 16 was substituted with effect from 3 January 2026 (amendment notified 5 December 2025). Records now run eight financial years instead of five, and new Reg. 16(2) requires a merchant banker to hold all data and information within India. SEBI has not yet specified the detailed localisation norms, so the plain-language duty is what binds today. For an India-first desk this is the most consequential change on this page.
A "fund raising proposed to be undertaken" is now expressly UPSI. A contemplated IPO is price-sensitive from an early stage, which is the strongest justification for SDD-grade logging on pre-deal material.
Release 34-96034 (broker-dealer compliance 3 May 2023) is what lets a platform build append-only logging instead of buying WORM media. It is also why we describe the record the way we do, and still decline to claim conformance.
Rule 2241 replaced NASD 2711, effective 25 September and 24 December 2015. The 15-day period around lock-up expiry no longer exists. The widely repeated 2016 date is wrong.
Nothing on this page is legal advice: it records what changed and when, not what your firm must do about it. Dates are the date the change takes or took effect, not the date it was announced. Entries dated in the future have not happened yet and are written in the future tense. Last reviewed 5 October 2026.
A deal that went live in July 2026 and one that went live in September 2026 are judged by different UK rules. We will show you how a pinned pack handles that.