LR 1.5 Standard and Premium Listing

1Under the listing rules each issuer must satisfy the requirements in the rules that are specified to apply to it and its relevant securities. In some cases a listing is described as being either a standard listing or a premium listing.

A listing that is described as a standard listing sets requirements that are based on the minimum EU directive standards. A listing that is described as a premium listing will include requirements that exceed those required under relevant EU directives.

Premium listing exists for:3

1. (a)

   equity shares of:3

   1. (i)

      commercial companies,3

   2. (ii)

      closed-ended investment funds,3

   3. (iii)

      open-ended investment companies, and3

   4. (iv)

      sovereign controlled commercial companies; and3

2. (b)

   certificates representing shares of sovereign controlled commercial companies.3

Any other listing will be a standard listing.

In the case of3 equity shares 2of a commercial company or equity shares or certificates representing shares of a sovereign controlled commercial company3, an issuer will have a choice under the listing rules as to whether it has a standard listing or a premium listing. The type of listing it applies for will therefore determine the requirements it must comply with.

LR 5.4A provides a process for the transfer of the category of listing of equity shares and for the transfer of the category of listing of certificates representing shares.3

In one case, for further classes of equity shares of an investment entity, the equity shares may be admitted to a standard listing provided that, and only for so long as, the issuer has a premium listing of equity shares.