UKLR 3.2 Requirements for all securities

1An applicant (other than a public sector issuer) must be:

1. (1)

   duly incorporated or otherwise validly established according to the relevant laws of its place of incorporation or establishment; and

2. (2)

   operating in conformity with its constitution.

1To be listed, securities must:

1. (1)

   conform with the law of the applicant’s place of incorporation;

2. (2)

   be duly authorised according to the requirements of the applicant’s constitution; and

3. (3)

   have any necessary statutory or other consents.

1Other than in regard to securities to which UKLR 23 applies, to be listed, equity shares must be admitted to trading on a regulated market for listed securities. All other securities must be admitted to trading on a RIE’s market for listed securities.

1. (1)

   1To be listed, securities must be freely transferable.

2. (2)

   To be listed, shares must be fully paid and free from all liens and from any restriction on the right of transfer (except any restriction imposed for failure to comply with a notice under section 793 of the Companies Act 2006 (Notice by company requiring information about interests in its shares)).

1. (1)

   1The expected aggregate market value of all securities (excluding treasury shares and shares of a closed-ended investment fund or open-ended investment company) to be listed must be at least:

   1. (a)

      £30 million for shares; and

   2. (b)

      £200,000 for debt securities.

2. (2)

   The expected aggregate market value of shares of a closed-ended investment fund or open-ended investment company to be listed must be at least £700,000.

3. (3)

   Paragraph (1) does not apply to tap issues where the amount of the debt securities is not fixed.

4. (4)

   Paragraphs (1) and (2) do not apply if securities of the same class are already listed.

1An application for listing of securities of any class must:

1. (1)

   if no securities of that class are already listed, relate to all securities of that class, issued or proposed to be issued; or

2. (2)

   if securities of that class are already listed, relate to all further securities of that class, issued or proposed to be issued.

1. (1)

   1This rule applies if:

   1. (a)

      a prospectus must be approved and published for the securities; or

   2. (b)

      the applicant is permitted and elects to draw up a prospectus for the securities.

2. (2)

   To be listed, a prospectus must have been approved by the FCA and published in relation to the securities.

1. (1)

   1This rule applies if, under UKLR 23, listing particulars must be approved and published for securities.

2. (2)

   To be listed, listing particulars for the securities must have been approved by the FCA and published in accordance with UKLR 23.

1Convertible securities and miscellaneous securities giving the holder the right to buy or subscribe for other securities may be admitted to listing only if the securities into which they are convertible or over which they give a right to buy or subscribe are already, or will become at the same time:

1. (1)

   listed securities; or

2. (2)

   securities listed on a regulated, regularly operating, recognised open market.