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LR 1.2 Modifying rules and consulting the FCA

Modifying or dispensing with rules

LR 1.2.1RRP
  1. (1)

    The FCA may dispense with or modify the listing rules in such cases and by reference to such circumstances as it considers appropriate (subject to 4the Act).

  2. (2)

    A dispensation or modification may be either unconditional or subject to specified conditions.

  3. (3)

    If an issuer or sponsor has applied for, or been granted, a dispensation or modification, it must notify the FCA immediately it becomes aware of any matter which is material to the relevance or appropriateness of the dispensation or modification.

  4. (4)

    The FCA may revoke or modify a dispensation or modification.

LR 1.2.2RRP
  1. (1)

    An application to the FCA to dispense with or modify a listing rule must be in writing.

  2. (2)

    The application must:

    1. (a)

      contain a clear explanation of why the dispensation or modification is requested;

    2. (b)

      include details of any special requirements, for example, the date by which the dispensation or modification is required;

    3. (c)

      contain all relevant information that should reasonably be brought to the FCA's attention;

    4. (d)

      contain any statement or information that is required by the listing rules to be included for a specific type of dispensation or modification; and

    5. (e)

      include copies of all documents relevant to the application.

LR 1.2.3GRP

An application to dispense with or modify a listing rule should ordinarily be made:

  1. (1)

    for a listing rule that is a continuing obligation, at least five business days before the proposed dispensation or modification is to take effect; and

  2. (2)

    for any other listing rule, at least ten business days before the proposed dispensation or modification is to take effect.

Companies in severe financial difficulty

LR 1.2.4GRP

If an issuer applies to the FCA to dispense with or modify a listing rule on the basis that it is in severe financial difficulty, the FCA would ordinarily expect the issuer to comply with the conditions in LR 10.8 (to the extent relevant to the particular rule for which the dispensation or modification is sought). In particular, the FCA would expect the issuer to comply with those conditions that are directed at demonstrating that it is in severe financial difficulty.

Early consultation with the FCA

LR 1.2.5GRP

An issuer or sponsor should consult with the FCA at the earliest possible stage if it:

  1. (1)

    is in doubt about how the listing rules apply in a particular situation; or

  2. (2)

    considers that it may be necessary for the FCA to dispense with or modify a listing rule.

LR 1.2.6GRP

2Where a listing rule refers to consultation with the FCA, submissions should be made in writing other than in circumstances of exceptional urgency or in the case of a submission from a sponsor in relation to the provision of a sponsor service.

Address for correspondence

Note:The FCA's address for correspondence is:

The Financial Conduct Authority

12 Endeavour Square3

London, E20 1JN3

Tel: 020 7066 8333

https://www.fca.org.uk/markets/primary-markets/contact/request-individual-guidance5