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Listing requirements and continuing obligations—premium listing and standard listing—prior to 29 July 2024 A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories. The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This checklist reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This checklist compares the listing requirements and key continuing obligations that previously applied to a commercial company with a listing of equity securities on the premium and standard listing segments prior to 29 July 2024. Requirements for listing—prior to 29 July 2024...
Eligibility requirements—premium listing, standard listing, High Growth segment and AIM—prior to 29 July 2024 A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories. The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. In addition, the London Stock Exchange closed the High Growth segment. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This checklist reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This checklist compares the eligibility requirements for a former premium listing, a former standard listing, an admission to the former High Growth Segment of the Main Market and admission to trading...
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Policing and enforcement of the UK Listing Regime This Practice Note focuses on the policing and enforcement of the UK listing regime by the FCA. It covers the FCA’s powers against an issuer in relation to breach of the provisions of the UK Listing Rules, the Prospectus Regulation rules, the transparency rules (contained in the Disclosure Guidance and Transparency Rules or DTR) and the disclosure requirements under Articles 17, 18 and 19 of the UK Market Abuse Regulation (disclosure requirements). Introduction The role of the FCA The Financial Conduct Authority (FCA) is the regulator for financial services firms and financial markets in the UK. Its powers, objectives and functions are set out in the Financial Services and Markets Act 2000 (FSMA 2000). FSMA 2000, s 1B provides that the FCA’s overarching strategic objective is ensuring that the financial markets function well. The FCA also has the role of the UK’s competent authority for regulating admission of securities to the Official List. Its powers in this regard...
The sponsor—approval and role STOP PRESS: A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook came into force to implement the changes and the previous Listing Rules sourcebook was revoked. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note reflects the listing regime prior to 29 July 2024. This Practice Note looks at the regulatory regime applying to sponsors, including becoming a sponsor, sponsor competence, the principles for sponsors, systems and controls and the responsibilities of the sponsor to the issuer and the Financial Conduct Authority (FCA). The sponsor regime derives from section 88 of the Financial Services and...
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What Listing Rules requirements must be met by a company seeking to admit its shares to the Official List? Written in partnership with Richard Ufland (Partner, Hogan Lovells International LLP) and Charles Jemmett (Associate, Hogan Lovells International LLP). This Q&A considers what Listing rules requirements must be met by a company seeking to admit its shares to the Official List. A company seeking to admit its shares to the Official List must comply with certain requirements in the Listing Rules (LRs). Additionally, as shares can only be admitted to the Official List if they are also admitted to trading on a regulated market operated by a Recognised Investment Exchange (RIE), a company will also need to comply with the relevant requirements under the Prospectus Rules of the Financial Conduct Authority (FCA) and the Admission and Disclosure Standards of the London Stock Exchange (LSE) and Part VI of the Financial Services and Markets Act 2000 (FSMA 2000). This answer provides an overview of the relevant requirements under...
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The Financial Conduct Authority (FCA) has launched its 46th Quarterly Consultation, proposing regulatory changes across several sectors. A key proposal includes updating the FCA’s Handbook to align with the new edition of the UK Corporate Governance Code, published by the Financial Reporting Council (FRC) in January 2024 (the 2024 Code). This includes removing specific references to FRC guidance in the UK Listing Rules (UKLR) and Disclosure Guidance and Transparency Rules (DTR) sourcebooks, along with introducing transitional provisions for UKLR and DTR implementation. The FCA also proposes updating the Code's definition in the Handbook’s Glossary, as well as updating references to the Code’s guidance in the Systems and Controls sourcebook (SYSC), Code of Conduct sourcebook (COCON), Statements of Principle and Code of Practice for Approved Persons sourcebook (APER), and the Decision Procedure and Penalties manual (DEPP). The FCA considers the impact of these proposals to be minimal, and therefore, a detailed cost benefit analysis is not required. The consultation closes on 27 January 2025, with the FCA intending to implement these...
The Financial Conduct Authority (FCA) has published ‘CP24/26: Quarterly Consultation Paper No 46’. Key proposals include clarifications to the Sustainability Disclosure Requirements (SDR), refinements to consumer credit product sales data reporting, adjustments to travel insurance signposting rules for pre-existing medical conditions, and the disapplication of the Compliance Oversight Function from Insurance Special Purpose Vehicles. The consultation also covers updates to UK Corporate Governance Code references and introduces CASS audit requirements for debt management firms. Responses are sought by 13 January 2025 for most of the proposals and by 27 January 2025 for others.
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