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  3. Point in time
    2015-04-28

LR 5.1 Suspending listing

FCA may suspend listing

LR 5.1.1RRP
  1. (1)

    1The FCA may suspend, with effect from such time as it may determine, the listing of any securities if the smooth operation of the market is, or may be, temporarily jeopardised or it is necessary to protect investors. [Note: article 18(1) CARD]

  2. (2)

    An issuer that has the listing of any of its securities suspended must continue to comply with all listing rules applicable to it.

  3. (3)

    If the FCA suspends the listing of any securities, it may impose such conditions on the procedure for lifting the suspension as it considers appropriate.

Examples of when FCA may suspend

LR 5.1.2GRP

Examples of when the FCA may suspend the listing of securities include (but are not limited to) situations where it appears to the FCA that:

  1. (1)

    the issuer has failed to meet its continuing obligations for listing; or

  2. (2)

    the issuer has failed to publish financial information in accordance with the listing rules; or

  3. (3)

    the issuer is unable to assess accurately its financial position and inform the market accordingly; or

  4. (4)

    there is insufficient information in the market about a proposed transaction; or

  5. (5)

    the issuer's securities have been suspended elsewhere; or

  6. (6)

    the issuer has appointed administrators or receivers, or is an investment trust and is winding up; or

  7. (7)

    for a securitised derivative that relates to a single underlying instrument, the underlying instrument is suspended; or

  8. (8)

    for a securitised derivative that relates to a basket of underlying instruments, one or more underlying instruments of the basket are suspended; or2

  9. (9)

    for a miscellaneous security that carries a right to buy or subscribe for another security, the security over which the listed miscellaneous security carries a right to buy or subscribe has been suspended.2

LR 5.1.3GRP

The FCA will not suspend the listing of a security to fix its price at a particular level.

Suspension at issuer's request

LR 5.1.4GRP

An issuer that intends to request the FCA to suspend the listing of its securities will need to comply with LR 5.3. The FCA will not suspend the listing if it is not satisfied that the circumstances justify the suspension.