UKLR 20.6 Block listing
Application
This section applies to an applicant that wishes to apply for admission of securities using a block listing.
When a block listing can be used
If the process of applying for admission of securities is likely to be very onerous due to the frequent or irregular nature of allotments and if no prospectus or listing particulars are required for the securities, an applicant may apply for a block listing of a specified number of the securities.
The grant of a block listing constitutes admission to listing for the securities that are the subject of the block. Separately, the applicant will need to consider the provisions of article 1(4) of the Prospectus Regulation when the securities that are the subject of the block listing are being issued.
An applicant applying for admission to listing by way of a block listing must submit in final form, at least 2 business days before the FCA is to consider the application, a completed Application for Admission of Securities to the Official List. An application in respect of multiple schemes must identify the schemes but need not set out separate block listing amounts for each scheme.
[Note: The Application for Admission of Securities to the Official List form can be found on the Primary Markets section of the FCA’s website.]
- (1)
An applicant applying for admission to listing by way of a block listing must notify a RIS of the number and type of securities that are the subject of the block listing application and the circumstances of their issue.
- (2)
The notification in paragraph (1) must be made by 9am on the day the FCA is to consider the application.
Every 6 months, the applicant must notify a RIS of the details of the number of securities covered by the block listing which have been allotted in the previous 6 months, using the Block Listing Six Monthly Return.
[Note: A copy of the Block Listing Six Monthly Return can be found on the Primary Markets section of the FCA’s website.]
An issuer that wishes to synchronise block listing 6-monthly returns for a number of block listing facilities may do so by providing the return required by UKLR 20.6.6R earlier than required to move the timing of returns onto a different 6-monthly cycle. An issuer with multiple block listing facilities should ensure that allotments under each facility are separately stated.