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UKLR 21.1 Suspending listing

FCA may suspend listing

UKLR 21.1.1R
  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.

  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

UKLR 21.1.2G

1Examples 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;

  2. (2)

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

  3. (3)

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

  4. (4)

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

  5. (5)

    the issuer’s securities have been suspended elsewhere;

  6. (6)

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

  7. (7)

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

  8. (8)

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

  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.

UKLR 21.1.3G

1The FCA will not suspend the listing of a security to fix its price at a particular level.

Suspension at issuer’s request

UKLR 21.1.4G

1An issuer that intends to request the FCA to suspend the listing of its securities will need to comply with UKLR 21.3. The FCA will not suspend the listing if it is not satisfied that the circumstances justify the suspension.

Securities suspended for 6 months or more

UKLR 21.1.5R

1Where the listing of an issuer’s securities has been suspended for 6 months, the issuer must contact the FCA as soon as possible after the end of that period to discuss whether a cancellation of listing is appropriate or whether the securities can remain suspended for a further period to be agreed with the FCA.