Related provisions for LR 19.5.7
Articles 3 to 23 of the PD Regulation provide for the minimum information to be included in a prospectus:
Note: the Annexes (including schedules and building blocks) referred to in these articles are set out for information in PR App 3.
Article 3 Minimum information to be included in a prospectus |
A prospectus shall be drawn up by using one or a combination of the following schedules and building blocks set out in Articles 4 to 20, according to the combinations for various types of securities provided for in Article 21. |
A prospectus shall contain the information items required in Annexes I to XVII depending on the type of issuer and securities involved, provided for in the schedules and building blocks set out in Articles 4 to 20. Subject to Article 4a(1), a1 competent authority shall not request that a prospectus contains information items which are not included in Annexes I to XVII. 1 |
In order to ensure conformity with the obligation referred to in [section 87A(2) of the Act], the [FSA], when approving a prospectus in accordance with [section 87A of the Act], may require that the information provided by the issuer, the offeror or the person asking for admission to trading on a regulated market be completed, for each of the information items, on a case by case basis. |
Article 4 Share registration document schedule |
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1. |
For the share registration document information shall be given in accordance with the schedule set out in Annex I. |
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2. |
The schedule set out in paragraph 1 shall apply to the following: |
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(1) |
shares and other transferable securities equivalent to shares; |
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(2) |
other securities which comply with the following conditions: |
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(a) |
they can be converted or exchanged into shares or other transferable securities equivalent to shares, at the issuer’s or at the investor’s discretion, or on the basis of the conditions established at the moment of the issue, or give, in any other way, the possibility to acquire shares or other transferable securities equivalent to shares, and |
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(b) |
provided that these shares or other transferable securities equivalent to shares are or will be issued by the issuer of the security and are not yet traded on a regulated market or an equivalent market outside the Community at the time of the approval of the prospectus covering the securities, and that the underlying shares or other transferable securities equivalent to shares can be delivered with physical settlement. |
1Article 4a Share registration document schedule in cases of complex financial history or significant financial commitment |
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1. |
Where the issuer of a security covered by Article 4(2) has a complex financial history, or has made a significant financial commitment, and in consequence the inclusion in the registration document of certain items of financial information relating to an entity other than the issuer is necessary in order to satisfy the obligation laid down in Article 5(1) of Directive 2003/71/EC, those items of financial information shall be deemed to relate to the issuer. The competent authority of the home Member State shall in such cases request that the issuer, the offeror or the person asking for admission to trading include those items of information in the registration document. Those items of financial information may include pro forma information prepared in accordance with Annex II. In this context, where the issuer has made a significant financial commitment any such pro forma information shall illustrate the anticipated effects of the transaction that the issuer has agreed to undertake, and references in Annex II to “the transaction” shall be read accordingly. |
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2. |
The competent authority shall base any request pursuant to paragraph 1 on the requirements set out in item 20.1 of Annex I as regards the content of financial information and the applicable accounting and auditing principles, subject to any modification which is appropriate in view of any of the following factors: |
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(a) |
the nature of the securities; |
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(b) |
the nature and range of information already included in the prospectus, and the existence of financial information relating to an entity other than the issuer in a form that might be included in a prospectus without modification; |
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(c) |
the facts of the case, including the economic substance of the transactions by which the issuer has acquired or disposed of its business undertaking or any part of it, and the specific nature of that undertaking; |
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(d) |
the ability of the issuer to obtain financial information relating to another entity with reasonable effort. |
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Where, in the individual case, the obligation laid down in Article 5(1) of Directive 2003/71/EC may be satisfied in more than one way, preference shall be given to the way that is the least costly or onerous. |
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(3) |
Paragraph 1 is without prejudice to the responsibility under national law of any other person, including the persons referred to in Article 6(1) of Directive 2003/71/EC, for the information contained in the prospectus. In particular, those persons shall be responsible for the inclusion in the registration document of any items of information requested by the competent authority pursuant to paragraph 1. |
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(4) |
For the purposes of paragraph 1, an issuer shall be treated as having a complex financial history if all of the following conditions apply: |
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(a) |
its entire business undertaking at the time that the prospectus is drawn up is not accurately represented in the historical financial information which it is required to provide under item 20.1 of Annex I; |
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(b) |
that inaccuracy will affect the ability of an investor to make an informed assessment as mentioned in Article 5(1) of Directive 2003/71/EC; and |
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(c) |
information relating to its business undertaking that is necessary for an investor to make such an assessment is included in financial information relating to another entity. |
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(5) |
For the purposes of paragraph 1, an issuer shall be treated as having made a significant financial commitment if it has entered into a binding agreement to undertake a transaction which, on completion, is likely to give rise to a significant gross change. In this context, the fact that an agreement makes completion of the transaction subject to conditions, including approval by a regulatory authority, shall not prevent that agreement from being treated as binding if it is reasonably certain that those conditions will be fulfilled. In particular, an agreement shall be treated as binding where it makes the completion of the transaction conditional on the outcome of the offer of the securities that are the subject matter of the prospectus or, in the case of a proposed takeover, if the offer of securities that are the subject matter of the prospectus has the objective of funding that takeover. |
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(6) |
For the purposes of paragraph 5 of this Article, and of item 20.2 of Annex I, a significant gross change means a variation of more than 25%, relative to one or more indicators of the size of the issuer's business, in the situation of an issuer. |
Recital 9 |
Pro forma financial information is needed in case of significant gross change, i. e. a variation of more than 25% relative to one or more indicators of the size of the issuer's business, in the situation of an issuer due to a particular transaction, with the exception of those situations where merger accounting is required. |
Article 5 Pro-forma financial information building block |
For pro-forma financial information, information shall be given in accordance with the building block set out in Annex II. |
Pro forma financial information should be preceded by an introductory explanatory paragraph that states in clear terms the purpose of including this information in the prospectus. |
Article 6 Share securities note schedule |
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1. |
For the share securities note information is necessary to be given in accordance with the schedule set out in Annex III. |
2. |
The schedule shall apply to shares and other transferable securities equivalent to shares |
Article 7 Debt and derivative securities registration document schedule for securities with a denomination per unit of less than EUR 50 000 |
For the debt and derivative securities registration document concerning securities which are not covered in Article 4 with a denomination per unit of less than EUR 50 000or, where there is no individual denomination, securities that can only be acquired on issue for less than EUR 50 000per security, information shall be given in accordance with the schedule set out in Annex IV. |
Article 8 Securities note schedule for debt securities with a denomination per unit of less than EUR 50 000 |
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1. |
For the securities note for debt securities with a denomination per unit of less than EUR 50 000information shall be given in accordance with the schedule set out in Annex V. |
2. |
The schedule shall apply to debt where the issuer has an obligation arising on issue to pay the investor 100% of the nominal value in addition to which there may be also an interest payment. |
Article 9 Guarantees building block |
For guarantees information shall be given in accordance with the building block set out in Annex VI. |
Article 10 Asset backed securities registration document schedule |
For the asset backed securities registration document information shall be given in accordance with the schedule set out in Annex VII. |
Article 11 Asset backed securities building block |
For the additional information building block to the securities note for asset backed securities information shall be given in accordance with the building block set out in Annex VIII. |
Article 12 Debt and derivative securities registration document schedule for securities with a denomination per unit of at least EUR 50 000 |
For the debt and derivative securities registration document concerning securities which are not covered in Article 4 with a denomination per unit of at least EUR 50 000or, where there is no individual denomination, securities that can only be acquired on issue for at least EUR 50 000per security, information shall be given in accordance with the schedule set out in Annex IX. |
Article 13 Depository receipts schedule |
For depository receipts issued over shares information shall be given in accordance with the schedule set out in Annex X. |
Article 14 Banks registration document schedule |
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1. |
For the banks registration document for debt and derivative securities and those securities which are not covered by article 4 information shall be given in accordance with the schedule set out in Annex XI. |
2. |
The schedule set out in paragraph 1 shall apply to credit institutions as defined in point (a) of Article 1(1) of Directive 2000/12/EC as well as to third country credit institutions which do not fall under that definition but have their registered office in a state which is a member of the OECD. |
These entities may also use alternatively the registration document schedules provided for under in Articles 7 and 12. |
Article 15 Securities note schedule for derivative securities |
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1. |
For the securities note for derivative securities information shall be given in accordance with the schedule set out in Annex XII. |
2. |
The schedule shall apply to securities which are not in the scope of application of the other securities note schedules referred to in Articles 6, 8 and 16, including certain securities where the payment and/or delivery obligations are linked to an underlying. |
Article 16 Securities note schedule for debt securities with a denomination per unit of at least EUR 50,000 |
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1. |
For the securities note for debt securities with a denomination per unit of at least EUR 50 000information shall be given in accordance with the schedule set out in Annex XIII. |
2. |
The schedule shall apply to debt where the issuer has an obligation arising on issue to pay the investor 100% of the nominal value in addition to which there may be also an interest payment. |
Article 17 Additional information building block on the underlying share |
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1. |
For the additional information on the underlying share, the description of the underlying share shall be given in accordance with the building block set out in Annex XIV. |
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In addition, if the issuer of the underlying share is an entity belonging to the same group, the information required by the schedule referred to in Article 4 shall be given in respect of that issuer. |
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2. |
The additional information referred to in the first subparagraph of paragraph 1 shall only apply to those securities which comply with both of the following conditions: |
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(1) |
they can be converted or exchanged into shares or other transferable securities equivalent to shares, at the issuer’s or at the investor’s discretion, or on the basis of the conditions established at the moment of the issue or give, in any other way, the possibility to acquire shares or other transferable securities equivalent to shares; and |
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(2) |
provided that these shares or other transferable securities equivalent to shares are or will be issued by the issuer of the security or by an entity belonging to the group of that issuer and are not yet traded on a regulated market or an equivalent market outside the Community at the time of the approval of the prospectus covering the securities, and that the underlying shares or other transferable securities equivalent to shares can be delivered with physical settlement. |
Article 18 Registration document schedule for collective investment undertakings of the closed-end type |
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1. |
In addition to the information required pursuant to items 1, 2, 3, 4, 5.1, 7, 9.1, 9.2.1, 9.2.3, 10.4, 13, 14, 15, 16, 17.2, 18, 19, 20, 21, 22, 23, 24, 25 of Annex I, for the registration document for securities issued by collective investment undertakings of the closed-end type information shall be given in accordance with the schedule set out in Annex XV. |
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2. |
The schedule shall apply to collective investment undertakings of the closed-end type holding a portfolio of assets on behalf of investors that: |
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(1) |
are recognised by national law in the Member State in which it is incorporated as a collective investment undertaking of the closed end type; or |
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(2) |
do not take or seek to take legal or management control of any of the issuers of its underlying investments. In such a case, legal control and/or participation in the administrative, management or supervisory bodies of the underlying issuer(s) may be taken where such action is incidental to the primary investment objective, necessary for the protection of shareholders and only in circumstances where the collective investment undertaking will not exercise significant management control over the operations of that underlying issuer(s). |
Article 19 Registration document schedule for Member States, third countries and their regional and local authorities |
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1. |
For the registration document for securities issued by Member States, third countries and their regional and local authorities information shall be given in accordance with the schedule set out in Annex XVI. |
2. |
The schedule shall apply to all types of securities issued by Member States, third countries and their regional and local authorities. |
Article 20 Registration document schedule for public international bodies and for issuers of debt securities guaranteed by a member state of the OECD |
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1. |
For the registration document for securities issued by public international bodies and for securities unconditionally and irrevocably guaranteed, on the basis of national legislation, by a state which is a member of the OECD information shall be given in accordance with the schedule set out in Annex XVII. |
2. |
The schedule shall apply to: |
- all types of securities issued by public international bodies; - to debt securities unconditionally and irrevocably guaranteed, on the basis of national legislation, by a state which is a member of the OECD. |
Article 21 Combination of schedules and building blocks |
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1. |
The use of the combinations provided for in the table set out in Annex XVIII shall be mandatory when drawing up prospectuses for the types of securities to which those combinations correspond according to this table. However, for securities not covered by those combinations further combinations may be used. |
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2. |
The most comprehensive and stringent registration document schedule, i.e. the most demanding schedule in term of number of information items and the extent of the information included in them, may always be used to issue securities for which a less comprehensive and stringent registration document schedule is provided for, according to the following ranking of schedules: |
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(1) |
share registration document schedule; |
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(2) |
debt and derivative securities registration document schedule for securities with a denomination per unit of less than EUR 50 000; |
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(3) |
debt and derivative securities registration document schedule for securities with a denomination per unit at least EUR 50 000. |
Article 22 Minimum information to be included in a base prospectus and its related final terms |
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1. |
A base prospectus shall be drawn up by using one or a combination of schedules and building blocks provided for in Articles 4 to 20 according to the combinations for various types of securities set out in Annex XVIII. |
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A base prospectus shall contain the information items required in Annexes I to XVII depending on the type of issuer and securities involved, provided for in the schedules and building blocks set out in Articles 4 to 20. A competent authority shall not request that a base prospectus contains information items which are not included in Annexes I to XVII. |
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In order to ensure conformity with the obligation referred to in [section 87A(2) of the Act], the [FSA], when approving a base prospectus in accordance with [section 87A of the Act], may require that the information provided by the issuer, the offeror or the person asking for admission to trading on a regulated market be completed, for each of the information items, on a case by case basis. |
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2. |
The issuer, the offeror or the person asking for admission to trading on a regulated market may omit information items which are not known when the base prospectus is approved and which can only be determined at the time of the individual issue. |
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3. |
The use of the combinations provided for in the table in Annex XVIII shall be mandatory when drawing up base prospectuses for the types of securities to which those combinations correspond according to this table. However, for securities not covered by those combinations further combinations may be used. |
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4. |
The final terms attached to a base prospectus shall only contain the information items from the various securities note schedules according to which the base prospectus is drawn up. |
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5. |
In addition to the information items set out in the schedules and building blocks referred to in Articles 4 to 20 the following information shall be included in a base prospectus: |
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(1) |
indication on the information that will be included in the final terms; |
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(2) |
the method of publication of the final terms; if the issuer is not in a position to determine, at the time of the approval of the prospectus, the method of publication of the final terms, an indication of how the public will be informed about which method will be used for the publication of the final terms; |
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(3) |
in the case of issues of non equity securities according to [PR 2.2.7R (1)], a general description of the programme. |
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6. |
Only the following categories of securities may be contained in a base prospectus and its related final terms covering issues of various types of securities: |
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(1) |
asset backed securities; |
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(2) |
warrants falling under Article 17; |
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(3) |
non-equity securities provided for under [PR 2.2.7R (2)]; |
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(4) |
all other non-equity securities including warrants with the exception of those mentioned in point (2). |
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In drawing up a base prospectus the issuer, the offeror or the person asking for admission to trading on a regulated market shall clearly segregate the specific information on each of the different securities included in these categories. |
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7. |
Where an event envisaged under [section 87G(1) of the Act (Supplementary prospectus)] occurs between the time that the base prospectus has been approved and the final closing of the offer of each issue of securities under the base prospectus or, as the case may be, the time that trading on a regulated market of those securities begins, the issuer, the offeror or the person asking for admission to trading on a regulated market shall publish a supplement prior to the final closing of the offer or the admission of those securities to trading. |
Article 23 Adaptations to the minimum information given in prospectuses and base prospectuses |
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1. |
Notwithstanding Articles 3 second paragraph and 22(1) second subparagraph, where the issuer’s activities fall under one of the categories included in Annex XIX, the [FSA], taking into consideration the specific nature of the activities involved, may ask for adapted information, in addition to the information items included in the schedules and building blocks set out in 4 to 20, including, where appropriate, a valuation or other expert’s report on the assets of the issuer, in order to comply with the obligation referred to in [sections 87A(2),(3) and (4) of the Act]. The [FSA] shall forthwith inform the Commission thereof. |
In order to obtain the inclusion of a new category in Annex XIX a Member State shall notify its request to the Commission. The Commission shall update this list following the Committee procedure provided for in Article 24 of [the prospectus directive]. |
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2. |
By way of derogation of Articles 3 to 22, where an issuer, an offeror or a person asking for admission to trading on a regulated market applies for approval of a prospectus or a base prospectus for a security which is not the same but comparable to the various types of securities mentioned in the table of combinations set out in Annex XVIII, the issuer, the offeror or the person asking for admission to trading on a regulated market shall add the relevant information items from another securities note schedule provided for in Articles 4 to 20 to the main securities note schedule chosen. This addition shall be done in accordance with the main characteristics of the securities being offered to the public or admitted to trading on a regulated market. |
3. |
By way of derogation of Articles 3 to 22, where an issuer, an offeror or a person asking for admission to trading on a regulated market applies for approval of a prospectus or a base prospectus for a new type of security, the issuer, the offeror or the person asking for admission to trading on a regulated market shall notify a draft prospectus or base prospectus to the [FSA]. |
The [FSA] shall decide, in consultation with the issuer, the offeror or the person asking for admission to trading on a regulated market, what information shall be included in the prospectus or base prospectus in order to comply with the obligation referred to in [sections 87A(2),(3) and (4) of the Act]. The [FSA] shall forthwith inform the Commission thereof. |
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The derogation referred to in the first subparagraph shall only apply in case of a new type of security which has features completely different from the various types of securities mentioned in Annex XVIII, if the characteristics of this new security are such that a combination of the different information items referred to in the schedules and building blocks provided for in Articles 4 to 20 is not pertinent. |
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4. |
By way of derogation of Articles 3 to 22, in the cases where one of the information items required in one of the schedules or building blocks referred to in 4 to 20 or equivalent information is not pertinent to the issuer, to the offer or to the securities to which the prospectus relates, that information may be omitted. |
1Note: The following definitions relevant to the listing rules are extracted from the Glossary.
Act |
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admission or admission to listing |
admission of securities to the official list . |
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admission to trading |
admission of securities to trading on an RIE's market for listedsecurities. |
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advertisement |
(as defined in the PD Regulation) announcements: |
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(a) |
relating to a specific offer to the public of securities or to an admission to trading on a regulated market; and |
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(b) |
aiming to specifically promote the potential subscription or acquisition of securities. |
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applicant |
an issuer which is applying for admission of securities. |
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asset backed security |
(as defined in the PD Regulation) securities which: |
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(1) |
represent an interest in assets, including any rights intended to assure servicing, or the receipt or timeliness of receipts by holders of assets of amounts payable there under; or |
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(2) |
are secured by assets and the terms of which provide for payments which relate to payments or reasonable projections of payments calculated by reference to identified or identifiable assets. |
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associate |
in relation to a director, substantial shareholder, or person exercising significant influence, who is an individual: 6 |
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(1) |
that individual's spouse , civil partner 2or child (together "the individual's family"); |
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(2) |
the trustees (acting as such) of any trust of which the individual or any of the individual's family is a beneficiary or discretionary object (other than a trust which is either an occupational pension scheme or an employees' share scheme which does not, in either case, have the effect of conferring benefits on persons all or most of whom are related parties; |
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(3) |
any company in whose equity securities the individual or any member or members (taken together) of the individual's family or the individual and any such member or members (taken together) are directly or indirectly interested (or have a conditional or contingent entitlement to become interested) so that they are (or would on the fulfilment of the condition or the occurrence of the contingency be) able: (a) to exercise or control the exercise of 30% or more of the votes able to be cast at general meetings on all, or substantially all, matters; or (b) to appoint or remove directors holding a majority of voting rights at board meetings on all, or substantially all, matters. |
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For the purpose of paragraph (3), if more than one director of the listedcompany, its parent undertaking or any of its subsidiary undertakings is interested in the equity securities of another company, then the interests of those directors and their associates will be aggregated when determining whether that company is an associate of the director. |
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in relation to a substantial shareholder or person exercising significant influence, which is a company: 6 |
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(1) |
any other company which is its subsidiary undertaking or parent undertaking or fellow subsidiary undertaking of the parent undertaking; |
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(2) |
any company whose directors are accustomed to act in accordance with the substantial shareholder's or person exercising significant influence's directions or instructions;6 66 |
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(3) |
any company in the capital of which the substantial shareholder or person exercising significant influence and any other companyunder paragraph (1) or (2) taken together, is (or would on the fulfilment of a condition or the occurrence of a contingency be) able to exercise power of the type described in paragraph (3)(a) or (b) above of this definition.6 |
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authorised person |
(in accordance with section 31 of the Act (Authorised persons)) one of the following: |
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(a) |
a person who has a Part IV permission to carry on one or more regulated activities; |
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(b) |
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(c) |
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(d) |
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(e) |
an ICVC; |
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(f) |
the Society of Lloyd's. |
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authorised property unit trust |
a unit trust scheme authorised by the FSA and which is a property scheme or an umbrella scheme each separate part of which would qualify as a property scheme if it were a separate authorised unit trust scheme. |
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bank |
(a) |
a firm with a Part IV permission which includes accepting deposits, and:
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(b) |
an EEA bank which is a full credit institution. |
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base prospectus |
a base prospectus referred to in PR 2.2.7 R |
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book value of property |
(in relation to a property company) the value of a property (which is not classified as a net current asset) before the deduction of mortgages or borrowings as shown in the company's latest annual report and accounts. |
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break fee |
a fee payable by a listed company if certain specified events occur which have the effect of materially impeding a transaction or causing the transaction to fail. |
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building block |
(as defined in the PD Regulation) a list of additional information requirements, not included in one of the schedules, to be added to one or more schedules, as the case may be, depending on the type of instrument and/or transaction for which a prospectus or base prospectus is drawn up. |
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business day |
(1) |
(in relation to anything done or to be done in (including to be submitted to a place in) any part of the United Kingdom), any day which is not a Saturday or Sunday, Christmas Day, Good Friday or a bank holiday in that part of the United Kingdom; |
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(2) |
(in relation to anything done or to be done by reference to a market outside the United Kingdom) any day on which that market is normally open for business. |
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Buy-back and Stabilisation Regulation |
Commission Regulation (EC) of 22 December 2003 implementing the Market Abuse Directive as regards exemptions for buy-back programmes and stabilisation of financial instruments (No 2273/2003). |
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CARD |
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certificate representing certain securities |
the investment specified in article 80 of the Regulated Activities Order (Certificates representing certain securities), which is in summary: a certificate or other instrument which confers contractual or property rights (other than rights consisting of options): |
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(a) |
in respect of any share, debenture, government and public security or warrant) held by a person other than the person on whom the rights are conferred by the certificate or instrument; and |
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(b) |
the transfer of which may be effected without requiring the consent of that person; |
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but excluding any certificate or other instrument which confers rights in respect of two or more investments issued by different persons or in respect of two or more different government and public securities issued by the same person. |
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certificate representing debt securities |
a certificate representing certain securities where the certificate or other instrument confers rights in respect of debentures or government and public securities. |
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certificate representing equity securities |
a certificate representing certain securities where the certificate or other instrument confers rights in respect of equity securities. |
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certificate representing shares |
a certificate representing certain securities where the certificate or other instrument confers rights in respect of equity shares. |
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CESR recommendations |
the recommendations for the consistent implementation of the European Commission's Regulation on Prospectuses no 809/2004 published by the Committee of European Securities Regulators. |
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charge |
(in relation to securitised derivatives) means any payment identified under the terms and conditions of the securitised derivatives. |
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Chinese wall |
an arrangement that requires information held by a person in the course of carrying on one part of its business to be withheld from, or not to be used for, persons with or for whom it acts in the course of carrying on another part of its business. |
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circular |
any document issued to holders of listed securities including notices of meetings but excluding prospectuses, listing particulars, annual reports and accounts, interim reports, proxy cards and dividend or interest vouchers. |
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class |
securities the rights attaching to which are or will be identical and which form a single issue or issues. |
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class 1 acquisition |
a class 1 transaction that involves an acquisition by the relevant listed company or its subsidiary undertaking. |
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class 1 circular |
a circular relating to a class 1 transaction. |
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class 1 disposal |
a class 1 transaction that consists of a disposal by the relevant listed company or its subsidiary undertaking. |
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class 1 transaction |
a transaction classified as a class 1 transaction under LR 10. |
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class 2 transaction |
a transaction classified as a class 2 transaction under LR 10 . |
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class 3 transaction |
a transaction classified as a class 3 transaction under LR 10. |
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class tests |
the tests set out in LR 10 Ann 1(and for certain specialist companies, those tests as modified or added to by LR 10.7), which are used to determine how a transaction is to be classified for the purposes of the listing rules. |
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closed-ended |
(in relation to investment entities) an investment company which is not an open-ended investment company. |
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5closed-ended investment fund |
an entity: |
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(a) |
which is an undertaking with limited liability, including a company, limited partnership, or limited liability partnership; and |
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(b) |
whose primary object is investing and managing its assets (including pooled funds contributed by holders of its listed securities): |
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(i) in property of any description; and |
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(ii) with a view to spreading investment risk. |
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close period |
as defined in paragraph 1(a) of the Model Code. |
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COB |
the Conduct of Business Sourcebook. |
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3Combined Code |
in relation to an issuer: |
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3(1) |
in respect of a reporting period commencing on or after 1 November 2006the Combined Code on Corporate Governance published in June 2006 by the Financial Reporting Council; or |
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3(2) |
in respect of a reporting period commencing before 1 November 2006, the Combined Code on Corporate Governance published in July 2003by the Financial Reporting Council. |
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company |
any body corporate. |
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competent authority |
(in relation to the functions referred to in Part VI of the Act): |
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(a) |
the authority designated under Schedule 8 to the Act (transfer of functions under Part VI (Official listing)) as responsible for performing those functions under the Act; for the time being the FSA in its capacity as such; or |
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(b) |
an authority exercising functions corresponding to those functions under the laws of another EEA State. |
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connected client |
in relation to a sponsor or securities house, any client of the sponsor or securities house who is: |
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(a) |
a partner, director, employee or controller (as defined in section 422 of the Act) of the sponsor or securities house or of an undertaking described in paragraph (d); |
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(b) |
the spouse , civil partner 2or child of any individual described in paragraph (a); |
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(c) |
a person in his capacity as trustee of a private trust (other than a pension scheme or an employees' share scheme) the beneficiaries of which include any person described in paragraph (a) or (b); or |
|||
(d) |
an undertaking which in relation to the sponsor or securities house is a group undertaking. |
|||
connected person |
as defined in section 96B(2) of the Act. |
|||
Consolidated Admissions and Reporting Directive |
Directive of the European Parliament and of the Council on the admission of securities to official stock exchange listing and on information to be published on those securities (No 2001/34/EC). |
|||
constitution |
memorandum and articles of association or equivalent constitutional document. |
|||
contingent liability investment |
a derivative under the terms of which the client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of his position. |
|||
contract of significance |
a contract which represents in amount or value (or annual amount or value) a sum equal to 1% or more, calculated on a group basis where relevant, of: |
|||
(1) |
in the case of a capital transaction or a transaction of which the principal purpose or effect is the granting of credit, the aggregate of the group's share capital and reserves; or |
|||
(2) |
in other cases, the total annual purchases, sales, payments or receipts, as the case may be, of the group. |
|||
convertible securities |
a security which is: |
|||
(1) |
convertible into, or exchangeable for, other securities; or |
|||
(2) |
accompanied by a warrant or option to subscribe for or purchase other securities. |
|||
deal |
a dealing transaction; |
|||
dealing |
(in accordance with paragraph 2 of Schedule 2 to the Act (Regulated activities)) buying, selling, subscribing for or underwriting investments or offering or agreeing to do so, either as principal or as agent, including, in the case of an investment which is a contract of insurance, carrying out the contract. |
|||
debt security |
debentures, debenture stock, loan stock, bonds, certificates of deposit or any other instrument creating or acknowledging indebtedness.7 |
|||
6deferred bonus |
any arrangement pursuant to the terms of which an employee or director may receive a bonus (including cash or any security) in respect of service and/or performance in a period not exceeding the length of the relevant financial year notwithstanding that the bonus may, subject only to the person remaining a director or employee of the group, be receivable by the person after the end of the period to which the award relates. |
|||
6defined benefit scheme |
in relation to a director, means a pension scheme which is not a money purchase scheme. |
|||
depositary |
a person that issues certificates representing certain securities that have been admitted to listing or are the subject of an application for admission to listing. |
|||
the Decision Procedure and Penalties manual |
||||
designated professional body |
a professional body designated by the Treasury under section 326 of the Act (Designation of professional bodies) for the purposes of Part XX of the Act (Provision of Financial Services by Members of the Professions); as at 21 June 2001 the following professional bodies have been designated in the Financial Services and Markets Act 2000 (Designated Professional Bodies) Order 2001 (SI 2001/1226): (a) The Law Society (England and Wales); (b) The Law Society of Scotland; (c) The Law Society of Northern Ireland; (d) The Institute of Chartered Accountants in England and Wales; (e) The Institute of Chartered Accountants of Scotland; (f) The Institute of Chartered Accountants in Ireland; (g) The Association of Chartered Certified Accountants; (h) The Institute of Actuaries. |
|||
director |
(in accordance with section 417(1)(a) of the Act) a person occupying in relation to it the position of a director (by whatever name called) and, in relation to an issuer which is not a body corporate, a person with corresponding powers and duties. |
|||
disclosure rules and transparency rules |
(in accordance with section73A(3) of the Act) rules relating to the disclosure of information in respect of financial instruments which have been admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made. |
|||
document |
any piece of recorded information, including (in accordance with section 417(1) of the Act (Interpretation)) information recorded in any form; in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form. |
|||
document viewing facility |
a location identified on the FSA website where the public can inspect documents referred to in the listing rules as being documents to be made available at the document viewing facility. |
|||
DTR |
the sourcebook containing the disclosure rules and transparency rules. |
|||
EEA State |
(in accordance with paragraph 8 of Schedule 3 to the Act (EEA Passport Rights)) a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2 May 1992, as it has effect for the time being; as at 1 May 2004, the following are the EEA States: Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden and the United Kingdom. |
|||
the Enforcement Guide |
||||
employee |
an individual: |
|||
(a) |
who is employed or appointed by a person in connection with that person's business, whether under a contract of service or for services or otherwise; or |
|||
(b) |
whose services, under an arrangement between that person and a third party, are placed at the disposal and under the control of that person; |
|||
but excluding an appointed representative of that person. |
||||
employees' share scheme |
has the same meaning as in section 7438 of the Companies Act 19858.7 668668 |
|||
equity security |
equity shares and securities convertible into equity shares. |
|||
equity share capital |
(for a company), its issued share capital excluding any part of that capital which, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution. |
|||
6equivalent document |
a document containing information equivalent to a prospectus for the purposes of PR 1.2.2R (2) or (3) or PR 1.2.3R (3) or (4). |
|||
exercise notice |
(in relation to securitised derivatives), a document that notifies the issuer of a holder's intention to exercise its rights under the securitised derivative. |
|||
exercise price |
(in relation to securitised derivatives), the price stipulated by the issuer at which the holder can buy or sell the underlying instrument from or to the issuer. |
|||
exercise time |
(in relation to securitised derivatives), the time stipulated by the issuer by which the holder must exercise their rights. |
|||
expiration date |
(in relation to securitised derivatives), the date stipulated by the issuer on which the holder's rights in respect of the securitised derivative ends. |
|||
extraction |
(in relation to mineral companies), includes mining, quarrying or similar activities and the reworking of mine tailings or waste dumps. |
|||
FSA |
the Financial Services Authority. |
|||
final terms |
the document containing the final terms of each issue which is intended to be listed. |
|||
financial information table |
financial information presented in a tabular form that covers the reporting period set out in in relation to the entities set out in , and to the extent relevant LR 13.5.15R and LR 13.5.16R. |
|||
50/50 joint venture |
[deleted]6 6 |
|||
50/50 joint venture partner |
[deleted]6 6 |
|||
group |
(1) |
except in LR 6.1.19 R, LR 8.3.6 R, LR 8.3.7 G and LR 8.7.8R (10), 6an issuer and its subsidiary undertakings (if any); and |
||
(2) |
in LR 6.1.19 R, LR 8.3.6 R, LR 8.3.7 G and LR 8.7.8R (10), 6as defined in section 421 of the Act. |
|||
guarantee |
(in relation to securitised derivatives), either: |
|||
(1) |
a guarantee given in accordance with LR 19.2.2R(3)(if any); or |
|||
(2) |
any other guarantee of the issue of securitised derivatives. |
|||
guidance |
||||
Handbook |
the FSA's Handbook of rules and guidance. |
|||
Home Member State or Home State |
(as defined in section 102C of the Act) in relation to an issuer of transferable securities, the EEA State which is the "home Member State" for the purposes of the prospectus directive (which is to be determined in accordance with Article 2.1(m) of that directive. |
|||
Host Member State or Host State |
(as defined in Article 2.1(n) of the prospectus directive) the State where an offer to the public is made or admission to trading is sought, when different from the home Member State. |
|||
IAS |
||||
inside information |
as defined in section 118C of the Act. |
|||
insider list |
a list of persons with access to inside information as required by DTR 2.8.1 R. |
|||
intermediaries offer |
a marketing of securities already or not yet in issue, by means of an offer by, or on behalf of, the issuer to intermediaries for them to allocate to their own clients. |
|||
International Accounting Standards |
international accounting standards within the meaning of EC Regulation No 1606/2002 of the European Parliament and of the Council of 19 July 2002 as adopted from time to time by the European Commission in accordance with that Regulation. |
|||
in the money |
(in relation to securitised derivatives): |
|||
(a) |
where the holder has the right to buy the underlying instrument or instruments from the issuer, when the settlement price is greater than the exercise price; or |
|||
(b) |
where the holder has the right to sell the underlying instrument or instruments to the issuer, when the exercise price is greater than the settlement price.5 |
|||
investment manager |
a person who, on behalf of a client, manages investments and is not a wholly-owned subsidiary of the client.5 5 |
|||
investment trust |
a companylisted in the United Kingdom or another EEA State which: |
|||
(a) |
is approved by the Inland Revenue Commissioners under section 842 of the Income and Corporation Taxes Act 1988 (or, in the case of a newly formed company, has declared its intention to conduct its affairs so as to obtain such approval); or |
|||
(b) |
is resident in an EEA State other than the United Kingdom and would qualify for such approval if resident and listed in the United Kingdom. |
|||
issuer |
any company or other legal person or undertaking (including a public sector issuer), any class of whose securities has been admitted to listing or is the subject of an application for admission to listing. |
|||
list of sponsors |
the list of sponsors maintained by the FSA in accordance with section 88(3)(a) of the Act. |
|||
listed |
admitted to the official list maintained by the FSA in accordance with section 74 of the Act. |
|||
listed company |
a company that has any class of its securitieslisted. |
|||
listing particulars |
(in accordance with section 79(2) of the Act), a document in such form and containing such information as may be specified in listing rules. |
|||
listing rules |
(in accordance with section73A(2) of the Act) rulesrelating to admission to the official list. |
|||
London Stock Exchange |
London Stock Exchange Plc. |
|||
long-term incentive scheme |
any arrangement (other than a retirement benefit plan, a deferred bonus or any other arrangement that is an element of an executive director's remuneration package) which may involve the receipt of any asset (including cash or any security) by a director or employee of the group: |
|||
(1) |
which includes one or more conditions in respect of service and/or performance to be satisfied over more than one financial year; and |
|||
(2) |
pursuant to which the group may incur (other than in relation to the establishment and administration of the arrangement) either cost or a liability, whether actual or contingent. |
|||
LR |
the sourcebook containing the listing rules. |
|||
MAD |
||||
major subsidiary undertaking |
a subsidiary undertaking that represents 25% or more of the aggregate of the gross assets or profits (after deducting all charges except taxation) of the group. |
|||
Market Abuse Directive |
Directive of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) (No 2003/6/EC). |
|||
member |
(in relation to a profession) a person who is entitled to practise that profession and, in practising it, is subject to the rules of the relevant designated professional body, whether or not he is a member of that body. |
|||
mineral company |
a company or group, whose principal activity is, or is planned to be, the extraction of mineral resources (which may or may not include exploration for mineral resources). |
|||
mineral expert's report |
a report prepared in accordance with the CESR recommendations |
|||
mineral resources |
include metallic and non-metallic ores, mineral concentrates, industrial minerals, construction aggregates, mineral oils, natural gases, hydrocarbons and solid fuels including coal. |
|||
Model Code |
the Model Code on directors' dealings in securities set out in LR 9 Ann 1. |
|||
modified auditors report |
an auditor's report: |
|||
(a) |
in which the auditor's opinion is qualified; or |
|||
(b) |
which sets out:
|
|||
6money purchase scheme |
in relation to a director, means a pension scheme under which all of the benefits that may become payable to or in respect of the director are money purchase benefits. |
|||
net annual rent |
(in relation to a property) the current income or income estimated by the valuer: |
|||
(1) |
ignoring any special receipts or deductions arising from the property; |
|||
(2) |
excluding Value Added Tax and before taxation (including tax on profits and any allowances for interest on capital or loans); and |
|||
(3) |
after making deductions for superior rents (but not for amortisation) and any disbursements including, if appropriate, expenses of managing the property and allowances to maintain it in a condition to command its rent. |
|||
new applicant |
an applicant that does not have any class of its securities already listed. |
|||
non-EEA State |
a country or state that is not an EEA State. |
|||
OECD state guaranteed issuer |
an issuer of debt securities whose obligations in relation to those securities have been guaranteed by a member state of the OECD. |
|||
offer |
||||
offer for sale |
an invitation to the public by, or on behalf of, a third party to purchase securities of the issuer already in issue or allotted (and may be in the form of an invitation to tender at or above a stated minimum price). |
|||
offer for subscription |
an invitation to the public by, or on behalf of, an issuer to subscribe for securities of the issuer not yet in issue or allotted (and may be in the form of an invitation to tender at or above a stated minimum price). |
|||
offer of transferable securities to the public |
(as defined in section 102B of the Act), in summary: |
|||
(a) |
a communication to any person which presents sufficient information on: |
|||
|
||||
to enable an investor to decide to buy or subscribe for the securities in question; |
||||
(b) |
which is made in any form or by any means; |
|||
(c) |
including the placing of securities through a financial intermediary; |
|||
(d) |
but not including a communication in connection with trading on:
|
|||
Note: This is only a summary, to see the full text of the definition, readers should consult section 102B of the Act. |
||||
offeror |
(a) |
in LR 5.2.10R, an offeror as defined in the Takeover Code; and |
||
(b) |
elsewhere in LR, a personwho makes an offer of transferable securities to the public. |
|||
official list |
the list maintained by the FSA in accordance with section 74(1) of the Act for the purposes of Part VI of the Act. |
|||
open ended investment companyopen-ended investment company |
as defined in section 236 of the Act (Open-ended investment companies). |
|||
open offer |
an invitation to existing securities holders to subscribe or purchase securities in proportion to their holdings, which is not made by means of a renounceable letter (or other negotiable document). |
|||
option |
the investment, specified in article 83 of the Regulated Activities Order (Options), which is an option to acquire or dispose of:
|
|||
overseas |
outside the United Kingdom. |
|||
overseas company |
a company incorporated outside the United Kingdom. |
|||
overseas investment exchange |
an investment exchange which has neither its head office nor its registered office in the United Kingdom. |
|||
parent undertaking |
as defined in section 2588 of the Companies Act 19858. 668668 |
|||
Part 6 rules |
(in accordance with section 73A(1) of the Act) rules made for the purposes of Part 6 of the Act. |
|||
PD |
||||
PD Regulation |
Regulation number 809/2004 of the European Commission |
|||
percentage ratio |
(in relation to a transaction) the figure, expressed as a percentage, that results from applying a calculation under a class test to the transaction. |
|||
person |
(in accordance with the Interpretation Act 1978) any person, including a body of persons corporate or unincorporate (that is, a natural person, a legal person and, for example, a partnership). |
|||
person discharging managerial responsibilities |
as defined in section 96B(1) of the Act. |
|||
person exercising significant influence |
in relation to a listed company, a person or entity which exercises significant influence over that listed company. 6 |
|||
placing |
a marketing of securities already in issue but not listed or not yet in issue, to specified persons or clients of the sponsor or any securities house assisting in the placing, which does not involve an offer to the public or to existing holders of the issuer'ssecurities generally. |
|||
PR |
the sourcebook containing the Prospectus Rules. |
|||
preference share |
a share conferring preference as to income or return of capital which is not convertible into an equity share and does not form part of the equity share capital of a company. |
|||
primary listed issuer |
an issuer with a primary listing of its securities. |
|||
primary listing |
a listing by the FSA by virtue of which the issuer is subject to the full requirements of the listing rules. |
|||
probable reserves |
(1) |
in respect of mineral companies primarily involved in the extraction of oil and gas resources, those reserves which are not yet proven but which, on the available evidence and taking into account technical and economic factors, have a better than 50% chance of being produced; and |
||
(2) |
in respect of mineral companies other than those primarily involved in the extraction of oil and gas resources, those measured and/or indicated mineral resources, which are not yet proven but of which detailed technical and economic studies have demonstrated that extraction can be justified at the time of the determination and under specified economic conditions. |
|||
profit estimate |
(as defined in the PD Regulation) a profit forecast for a financial period which has expired and for which results have not yet been published. |
|||
profit forecast |
(as defined in the PD Regulation) a form of words which expressly states or by implication indicates a figure or a minimum or maximum figure for the likely level of profits or losses for the current financial period and/or financial periods subsequent to that period, or contains data from which a calculation of such a figure for future profits or losses may be made, even if no particular figure is mentioned and the word "profit" is not used. |
|||
prohibited period |
as defined inthe Model Code. |
|||
property |
freehold, heritable or leasehold property. |
|||
property company |
a company primarily engaged in property activities including: |
|||
(1) |
the holding of properties (directly or indirectly) for letting and retention as investments; |
|||
(2) |
the development of properties for letting and retention as investments; |
|||
(3) |
the purchase and development of properties for subsequent sale; or |
|||
(4) |
the purchase of land for development properties for retention as investments.5 |
|||
property valuation report |
a property valuation report prepared by an independent expert in accordance with:6 6 |
|||
(1) |
for an issuer incorporated in the United Kingdom, the Channel Islands or the Isle of Man, the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors; or6 |
|||
(2) |
for an issuer incorporated in any other place, either the standards referred to in paragraph (1) of this definition or the International Valuation Standards (7th edition) issued by the International Valuation Standards Committee.6 |
|||
prospectus |
a prospectus required under the prospectus directive. |
|||
prospectus directive |
the Directive of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading (No 2003/71/EC). |
|||
prospectus rules |
(as defined in section 73A(4) of the Act) rules expressed to relate to transferable securities. |
|||
proven reserves |
(1) |
in respect of mineral companies primarily involved in the extraction of oil and gas resources, those reserves which, on the available evidence and taking into account technical and economic factors, have a better than 90% chance of being produced; and |
||
(2) |
in respect of mineral companies other than those primarily involved in the extraction of oil and gas resources, those measured mineral resources of which detailed technical and economic studies have demonstrated that extraction can be justified at the time of the determination, and under specified economic conditions. |
|||
public international body |
the African Development bank, the Asian Development Bank, the Caribbean Development Bank, the Council of Europe Development Bank6, the European Atomic Energy Community, the European Bank for Reconstruction and Development, the European Coal and Steel Community,the European Company for the Financing of Railroad Stock, the European Economic Community, the European Investment Bank, the Inter-American Development bank, the International Bank for Reconstruction and Development, the International Finance Corporation, the International Monetary Fund, the Nordic Investment bank. 6 |
|||
public sector issuer |
states and their regional and local authorities, state monopolies, state finance organisations, public international bodies, statutory bodies and OECD state guaranteed issuers. |
|||
recognised scheme |
a scheme recognised under: |
|||
(a) |
section 264 of the Act (Schemes constituted in other EEA States); or |
|||
(b) |
section 270 of the Act (Schemes authorised in designated countries or territories); or |
|||
(c) |
section 272 of the Act (Individually recognised overseas schemes). |
|||
registration document |
a registration document referred to in PR 2.2.2R. |
|||
the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544). |
||||
regulated market |
(a) |
(as defined in article 1 of the ISD) a market for the instruments listed in Section B of the Annex to the ISD which:
|
||
(b) |
a market notified under article 16 of the ISD, as included in point 30b of Annex IX to the Agreement of the European Economic Area, to the Standing Committee of the EFTA States as defined in that agreement; (see Tables 3 and 4 of SUP 17 Annex 5G for an indicative list of these markets). |
|||
regulatory information service or RIS |
a Regulatory Information Service that is approved by the FSA as meeting the Primary Information Provider criteria and that is on the list of Regulatory Information Services maintained by the FSA. |
|||
related party |
as defined in LR 11.1.4R. |
|||
related party circular |
a circular relating to a related party transaction. |
|||
related party transaction |
as defined in LR 11.1.5R. |
|||
relevant securities |
has the same meaning as in section 80 of the Companies Act 1985. |
|||
retail securitised derivative |
a securitised derivative which is not a specialist securitised derivative; in this definition, a "specialist securitised derivative" is a securitisedderivative which, in accordance with the listing rules, is required to be admitted to listing with a clear statement on any disclosure document that the issue is intended for a purchase by only investors who are particularly knowledgeable in investment matters. |
|||
reverse takeover |
a transaction classified as a reverse takeover under LR 10. |
|||
RIE |
||||
rights issue |
an offer to existing security holders to subscribe or purchase further securities in proportion to their holdings made by means of the issue of a renounceable letter (or other negotiable document) which may be traded (as “nil paid” rights) for a period before payment for the securities is due. |
|||
rule |
(in accordance with section 417(1) of the Act (Definitions)) a rule made by the FSA under the Act, including: (a) a Principle; and (b) an evidential provision. |
|||
Schedule |
(as defined in the PD Regulation) a list of minimum information requirements adapted to the particular nature of the different types of issuers and/or the different securities involved. |
|||
scientific research based company |
a company primarily involved in the laboratory research and development of chemical or biological products or processes or any other similar innovative science based company. |
|||
secondary listed issuer |
an issuer with a secondary listing of its equity securities. |
|||
secondary listing |
a listing by the FSA of equity securities of an overseas company which is not a primary listing. |
|||
securities note |
a securities note referred to in PR 2.2.2R. |
|||
securitised derivative |
an option or contract for differences which, in either case, is listed under LR 19 (including such an option or contract for differences which is also a debenture). |
|||
security |
(in accordance with section 102A of the Act) anything which has been, or may be admitted to the official list. |
|||
settlement price |
(in relation to securitised derivatives), the reference price or prices of the underlying instrument or instruments stipulated by the issuer for the purposes of calculating its obligations to the holder. |
|||
shadow director |
as in sub-paragraph (b) of the definition of director in section 417(1) of the Act. |
|||
share |
(in accordance with section 7448 of the Companies Act 19858) a share in the share capital of a company, and includes: 668668 |
|||
(a) |
stock (except where a distinction between shares and stock is express or implied); and |
|||
(b) |
||||
specialist investor |
an investor who is particularly knowledgeable in investment matters. |
|||
specialist securities |
securities which, because of their nature, are normally bought and traded by a limited number of investors who are particularly knowledgeable in investment matters. |
|||
specialist securitised derivative |
a securitised derivative which because of its nature is normally bought and traded by a limited number of investors who are particularly knowledgeable in investment matters. |
|||
specified investment |
any of the following investments specified in Part III of the Regulated Activities Order (Specified Investments): |
|||
(a) |
deposit (article 74); |
|||
(aa) |
electronic money (article 74A); |
|||
(b) |
contract of insurance (article 75); for the purposes of the permission regime, this is sub-divided into: |
|||
and then further sub-divided into classes of contract of insurance; |
||||
(c) |
share (article 76); |
|||
(d) |
debenture (article 77); |
|||
(e) |
government and public security (article 78); |
|||
(f) |
warrant (article 79); |
|||
(g) |
certificate representing certain securities (article 80); |
|||
(h) |
unit (article 81); |
|||
(i) |
stakeholder pension scheme (article 82); |
|||
(j) |
option (article 83); for the purposes of the permission regime, this is sub-divided into:
|
|||
(k) |
future (article 84); for the purposes of the permission regime, this is sub-divided into:
|
|||
(l) |
contract for differences (article 85); for the purposes of the permission regime, this is sub-divided into:
|
|||
(m) |
underwriting capacity of a Lloyd's syndicate (article 86(1)); |
|||
(n) |
membership of a Lloyd's syndicate (article 86(2)); |
|||
(o) |
funeral plan contract (article 87); |
|||
(oa) |
regulated mortgage contract (article 61(3); |
|||
(p) |
rights to or interests in investments (article 89). |
|||
sponsor |
a person approved, under section 88 of the Act by the FSA, as a sponsor. |
|||
state finance organisation |
a legal person other than a company: |
|||
(1) |
which is a national of an EEA State; |
|||
(2) |
which is set up by or pursuant to a special law; |
|||
(3) |
whose activities are governed by that law and consist solely of raising funds under state control through the issue of debt securities; |
|||
(4) |
which is financed by means of the resources they have raised and resources provided by the EEA State; and |
|||
(5) |
the debt securities issued by it are considered by the law of the relevant EEA State as securities issued or guaranteed by that state. |
|||
state monopoly |
a company or other legal person which is a national of an EEA State and which: |
|||
(1) |
in carrying on its business benefits from a monopoly right granted by an EEA state; and |
|||
(2) |
is set up by or pursuant to a special law or whose borrowings are unconditionally and irrevocably guaranteed by an EEA state or one of the federated states of an EEA state. |
|||
subsidiary undertaking |
as defined in section 2588 of the Companies Act 19858. 668668 |
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substantial shareholder |
any person who is entitled to exercise or to control the exercise of 10% or more of the votes able to be cast on all or substantially all matters at general meetings of the company (or of any company which is its subsidiary undertaking or parent undertaking or of a fellow subsidiary undertaking of its parent undertaking). Disregard for this purpose any voting rights which such a person exercises (or controls the exercise of) independently in its capacity as bare trustee, investment manager, collective investment undertaking or a long term insurer in respect of its linked long term business if no associate of that person interferes by giving direct or indirect instructions, or in any other way, in the exercise of such voting rights (except to the extent any such person confers or collaborates with such an associate which also acts in its capacity as investment manager, collective investment undertaking or long term insurer).6 6 |
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summary |
(in relation to a prospectus) the summary included in the prospectus. |
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SUP |
the Supervision manual. |
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supplementary listing particulars |
(in accordance with section 81(1) of the Act), supplementary listing particulars containing details of the change or new matter. |
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supplementary prospectus |
a supplementary prospectus containing details of a new factor, mistake or inaccuracy. |
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Takeover Code |
the City Code on Takeovers and Mergers issued by the TakeoverPanel. |
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target |
the subject of a class 1 transaction. |
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tender offer |
an offer by a company to purchase all or some of a class of its listedequity securities or preference shares at a maximum or fixed price (that may be established by means of a formula) that is: |
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(1) |
communicated to all holders of that class by means of a circular or advertisement in two national newspapers; |
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(2) |
open to all holders of that class on the same terms for at least 7 days; and |
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(3) |
open for acceptance by all holders of that class pro rata to their existing holdings. |
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transferable security |
(as defined in section 102A of the Act) anything which is a transferable security for the purposes of the investment services directive, other than money-market instruments for the purposes of that directive which have a maturity of less than 12 months. |
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treasury shares |
qualifying shares to which sections 162A to 162G8 of the Companies Act 1985 apply8. 668668 |
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trust deed |
a trust deed or equivalent document securing or constituting debt securities. |
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UK |
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underlying instrument |
(in relation to securitised derivatives) means either: |
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(1) |
if the securitised derivative is an option or debt security with the characteristics of an option, any of the underlying investments listed in article 83 of the Regulated Activities Order; or |
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(2) |
if the securitised derivative is a contract for differences or debt security with the characteristics of a contract for differences, any factor by reference to which a profit or loss under article 85 of the Regulated Activities Order can be calculated. |
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unrecognised scheme |
a collective investment scheme which is neither a recognised scheme nor a scheme that is constituted as an authorised unit trust scheme. |
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vendor consideration placing |
a marketing, by or on behalf of vendors, of securities that have been allotted as consideration for an acquisition. |
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venture capital trust |
a company which is, or which is seeking to become, approved as a venture capital trust under section 842AA of the Income and Corporation Taxes Act 1988. |
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warrant |
the investment, specified in article 79 of the Regulated Activities Order (Instruments giving entitlements to investments), which is in summary: a warrant or other instrument entitling the holder to subscribe for a share, debenture or government and public security. |