diff --git a/CHANGES.md b/CHANGES.md
index 7ce28c4c182a17013cdf4272a82c4b814384199e..75031986d312ab454c8b395ac7611a8aa86281b9 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,19 @@
+Synapse 1.40.0rc2 (2021-08-04)
+==============================
+
+Bugfixes
+--------
+
+- Fix the `PeriodicallyFlushingMemoryHandler` inhibiting application shutdown because of its background thread. ([\#10517](https://github.com/matrix-org/synapse/issues/10517))
+- Fix a bug introduced in Synapse v1.40.0rc1 that would cause Synapse to respond with an error when clients would update their read receipts. ([\#10531](https://github.com/matrix-org/synapse/issues/10531))
+
+
+Internal Changes
+----------------
+
+- Fix release script to open correct URL for the release. ([\#10516](https://github.com/matrix-org/synapse/issues/10516))
+
+
 Synapse 1.40.0rc1 (2021-08-03)
 ==============================
 
diff --git a/changelog.d/10516.misc b/changelog.d/10516.misc
deleted file mode 100644
index 4d8c5e4805d6db8f9193a7c5003ff9eba1470d72..0000000000000000000000000000000000000000
--- a/changelog.d/10516.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix release script to open correct URL for the release.
diff --git a/changelog.d/10517.bugfix b/changelog.d/10517.bugfix
deleted file mode 100644
index 5b044bb34dd8c7f682f0ac2d0a0deb46e0d5ab58..0000000000000000000000000000000000000000
--- a/changelog.d/10517.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix the `PeriodicallyFlushingMemoryHandler` inhibiting application shutdown because of its background thread.
diff --git a/changelog.d/10531.bugfix b/changelog.d/10531.bugfix
deleted file mode 100644
index aaa921ee91d1939babf7c6c75ab0a756ab8a6811..0000000000000000000000000000000000000000
--- a/changelog.d/10531.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in Synapse v1.40.0rc1 that would cause Synapse to respond with an error when clients would update their read receipts.
diff --git a/debian/changelog b/debian/changelog
index f0557c35ef87044f1fd0dae7cbe0a344bb3f6c7a..c523101f9a3935db08e8901e809b232ff93bb7d3 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.40.0~rc2) stable; urgency=medium
+
+  * New synapse release 1.40.0~rc2.
+
+ -- Synapse Packaging team <packages@matrix.org>  Wed, 04 Aug 2021 17:08:55 +0100
+
 matrix-synapse-py3 (1.40.0~rc1) stable; urgency=medium
 
   [ Richard van der Hoff ]
diff --git a/synapse/__init__.py b/synapse/__init__.py
index d6c176550897105fbe2a61e0a8193213afb9f69a..da524635316283fcb319e32e614d0ce416344a38 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.40.0rc1"
+__version__ = "1.40.0rc2"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when