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UKLR 1.2 Modifying rules and consulting the FCA

Modifying or dispensing with rules

UKLR 1.2.1R
  1. (1)

    1The FCA may dispense with or modify the listing rules in such cases and by reference to such circumstances as it considers appropriate (subject to the 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.

UKLR 1.2.2R
  1. (1)

    1An 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.

UKLR 1.2.3G

1An 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 5 business days before the proposed dispensation or modification is to take effect; and

  2. (2)

    for any other listing rule, at least 10 business days before the proposed dispensation or modification is to take effect.

Early consultation with the FCA

UKLR 1.2.4G

1An 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.

UKLR 1.2.5G

Where 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

The Financial Conduct Authority

12 Endeavour Square

London, E20 1JN

Tel: 020 7066 8333

[Note: https://www.fca.org.uk/markets/primary-markets/contact/request-individual-guidance]