UKLR 20.3 All securities
Board confirmation
- (1)
Where an applicant is making an application for admission for the first time, the applicant must provide confirmation from the board that the applicant has taken reasonable steps to establish adequate procedures, systems and controls to enable it to comply with its obligations under the listing rules, the disclosure requirements, the transparency rules and the corporate governance rules following admission.
- (2)
The board confirmation in (1) must be provided using the Procedures, Systems and Controls Confirmation form.
[Note: The Procedures, Systems and Controls Confirmation Form can be found on the Primary Markets section of the FCA’s website.]
An applicant must provide the board confirmation required under UKLR 20.3.1R on the first occasion on which it makes an application for an admission of securities to listing. Accordingly, a listed company is not required to provide the board confirmation where it makes:
- (1)
an application for the admission of securities of the same class as securities that are already listed; or
- (2)
an application for the admission of a new class of securities.
The FCA will not grant an application for admission if an issuer is unable to provide the board confirmation required under UKLR 20.3.1R. When considering an application for admission, the FCA would expect the applicant to be able to demonstrate its readiness to comply with its obligations under the listing rules, the disclosure requirements, the transparency rules and the corporate governance rules following admission.