Related provisions for LR 6.1.2

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LR 3.4.1RRP
LR 3.4.4 R to LR 3.4.7 R apply to an applicant that is seeking admission of any of the following types of securities:(1) debt securities;(2) asset-backed securities;(3) certificates representing certain securities; and(4) specialist securities of the following types:(a) convertible securities which convert to debt securities;(b) convertible securities which convert to equity securities; and(c) convertible securities which are exchangeable for securities of another company.
LR 3.4.2RRP
LR 3.4.4 R to LR 3.4.8 R apply to an applicant for the admission of a debt securities or asset-backed securities issuance programme where the applicant is:(1) a new applicant; or(2) seeking an admission to listing for an issue made more than 12 months after publication of the base prospectus or listing particulars.
LR 3.4.3RRP
LR 3.4.9 R to LR 3.4.13 R apply to an applicant that is a public sector issuer.
LR 3.4.4RRP
An applicant referred to in LR 3.4.1 R must submit, in final form, to the FSA by midday two business days before the FSA is to consider the application:(1) a completed Application for Admission of Securities to the Official List;(2) either:(a) the prospectus, or listing particulars that has been approved by the FSA; or(b) a copy of the prospectus, a certificate of approval and (if applicable) a translation of the summary of the prospectus, if another EEA State is the home Member
LR 3.4.5RRP
An applicant referred to in LR 3.4.1 R must submit in final form to the FSA before 9 a.m. on the day the FSA is to consider the application:(1) a copy of the resolution of the board authorising the issue of the securities; or(2) written confirmation from the applicant that the board has authorised the issue of the securities.
LR 3.4.6RRP
An applicant referred to in LR 3.4.1 R must keep, for six years after the admission to listing, a copy of the items set out in LR 3.3.6 R (1) to (6) and must provide any of those documents to the FSA if requested to do so.
LR 3.4.7RRP
An applicant referred to in LR 3.4.2 R must comply with LR 3.4.4 R to LR 3.4.6 R with the following modifications:(1) an applicant must submit a supplementary prospectus or supplementary listing particulars instead of the document required by LR 3.4.4 R (2) in the case of an increase in the maximum amount of debt securities which may be in issue and listed at any one time under an issuance programme; and(2) if the FSA approves the application it will admit to listing all debt
LR 3.4.8RRP
(1) The final terms must be submitted in writing to the FSA as soon as possible after they have been agreed and no later than 2 p.m. on the day before listing is to become effective.(2) The final terms may be submitted by:(a) the applicant; or(b) the applicant's agent if a letter of appointment signed by a duly authorised officer of the applicant has been delivered to the FSA.(3) The Application for Admission of Securities to the Official List need not be submitted for issues
LR 3.4.9RRP
A public sector issuer of an EEA State that seeks admission of debt securities referred to in paragraphs 2 and 4 of Schedule 11A of the Act must submit to the FSA in final form a completed Application for Admission of Securities to the Official List.Note: The Application for Admission of Securities to the Official List form can be found on the UKLA section of the FSA's website.
LR 3.4.10RRP
LR 3.4.11 R to LR 3.4.13 R apply to applications for admission to listing of debt securities by a public sector issuer other than one referred to in LR 3.4.9 R.
LR 3.4.11RRP
An applicant referred to in LR 3.4.10 R must submit to the FSA in final form by midday two business days before the FSA is to consider the application:(1) the items set out in LR 3.4.4 R;(2) a copy of any consent, order or resolution, authorising the issue of the debt securities; and(3) where a regional or local authority has offered debt securities for sale to or subscription by the public, a Public Sector Issuer Certificate.Note: The Public Sector Issuer Certificate can be found
LR 3.4.13RRP
An applicant referred to in LR 3.4.10 R must keep, for six years after the admission to listing, a copy of the items set out in LR 3.3.6 R (1) to LR 3.3.6 R (6) and must provide any of those documents to the FSA if requested to do so.
LR 17.3.1RRP
(1) An issuer must forward to the FSA, for publication through the document viewing facility, two copies of any document required by LR 17.3 or LR 17.4 at the same time the document is issued.(2) An issuer must notify a RIS as soon as possible when a document has been forwarded to the FSA under paragraph (1) unless the full text of the document is provided to the RIS.(3) A notification made under paragraph (2) must set out where copies of the relevant document can be obtaine
LR 17.3.2RRP
(1) An issuer'ssecurities must be admitted to trading on a RIE's market for listed securities at all times.(2) An issuer must inform the FSA in writing without delay if it has:(a) requested a RIE to admit or re-admit any of its listed securities to trading; or(b) requested a RIE to cancel or suspend trading of any of its listed securities; or(c) been informed by a RIE that the trading of any of its listed securities will be cancelled or suspended.
LR 17.3.4RRP
(1) An issuer must publish its annual report and annual accounts as soon as possible after they have been approved. [Note: Article 80(1) CARD](2) An issuer must approve and publish its annual report and accounts within six months of the end of the financial period to which they relate.
LR 17.3.5GRP
(1) If an issuer prepares both own and consolidated annual accounts it may publish either form provided that the unpublished accounts do not contain any significant additional information. [Note: Article 80(2) CARD](2) If the annual accounts do not give a true and fair view of the assets and liabilities, financial position and profits or losses of the issuer or group, additional information must be provided to the satisfaction of the FSA. [Note: Article 80(3) CARD](3) An issuer
LR 17.3.6GRP
An issuer that meets the following criteria is not required to comply with LR 17.3.4 R:(1) the issuer is an issuer of asset-backed securities and is not required to comply with any other requirement for the publication of annual report and accounts; or(2) (a) the issuer:(i) is a wholly owned subsidiary of a listed company;(ii) issues listed securities that are unconditionally and irrevocably guaranteed by the issuer'slisted holding company or equivalent arrangements are in place;(iii)
LR 17.3.8GRP
An issuer, whose securities are admitted to trading on a regulated market in the United Kingdom, should consider its obligations under DTR 2 (Disclosure and control of inside information by issuers).1
LR 17.3.9RRP
An issuer that is not already required to comply with DTR 2 must comply with DTR 2 as if it were an issuer for the purposes of the disclosure rules and transparency rules.
LR 17.3.10RRP
An issuer must ensure that any circular it issues to holders of its listed securities about proposed amendments to a trust deed includes:(1) an explanation of the effect of the proposed amendments; and(2) either the full terms of the proposed amendments, or a statement that they will be available for inspection:(a) from the date the circular is sent until the close of the relevant general meeting at a place in or near the City of London or such other place as the FSA may determine;
LR 17.3.12RRP
(1) An issuer must ensure that any circular it issues to holders of its listed securities relating to a resolution proposing to redeem listed securities before their due date for redemption includes:(a) an explanation of the reasons for the early redemption;(b) a statement of the market values for the securities on the first dealing day in each of the six months before the date of the circular and on the latest practicable date before sending the circular;(c) a statement of any
LR 17.3.13RRP
An issuer must ensure that any definitive document of title for a security (other than a bearer security) includes the following matters on its face (or on the reverse in the case of paragraph (5)):(1) the authority under which the issuer is constituted and the country of incorporation and registered number (if any);(2) the number or amount of securities the certificate represents and, if applicable, the number and denomination of units (in the top right-hand corner);(3) a footnote
LR 15.2.1RRP
(1) LR 15.2.2 R to LR 15.2.14 R and LR 15.2.18 G apply to an investment company.(2) LR 15.2.2 R and LR 15.2.17 R to LR 15.2.18 G apply to an investment trust.
LR 15.2.2RRP
To be listed, an applicant must comply with the following:(1) those responsible for managing the investments must have adequate experience;(2) there must be an adequate spread of investment risk;(3) the applicant must be a passive investor and must not control or seek to control, or be actively involved in the management of, any companies or businesses in which it invests; and(4) the applicant must not, to a significant extent, be a dealer in investments.
LR 15.2.5RRP
LR 6.1.16 R (Working capital) does not apply to an investment company.
LR 15.2.6RRP
The board of directors or equivalent body of an investment company must be able to demonstrate that it will act independently of any investment managers of the investment company.
LR 15.2.7RRP
In complying with LR 15.2.6 R:(1) a majority of the board or equivalent body must not be:(a) directors, employees or professional advisers to other investment companies that are:(i) managed by any such investment managers; or(ii) managed by any other company in the same group as any such investment managers; or(b) directors, employees, partners, officers, or professional advisers to any such investment manager or any other company in the same group as any such investment manager;(2)
LR 15.2.11RRP
(1) No more than 10%, in aggregate, of the value of the total assets of the issuer at the time of admission may be invested in other listedinvestment companies or listedinvestment trusts.(2) The restriction set out in paragraph (1) does not apply to investments in investment company or investment trusts which themselves have stated investment policies to invest no more than 15% of their total assets in other listedinvestment companies or listedinvestment trusts.
LR 8.4.1RRP
LR 8.4.2 R to LR 8.4.6 R apply in relation to an application for admission of equity securities if an applicant does not have equity securities already listed and:(1) the production of a prospectus is required; or(2) the application is accompanied by a certificate of approval from another competent authority; or(3) the application is accompanied by a summary document as required byPR 1.2.3R (8).
LR 8.4.2RRP
A sponsor must not submit to the FSA an application on behalf of an applicant, in accordance with LR 3, unless it has come to a reasonable opinion, after having made due and careful enquiry, that:(1) the applicant has satisfied all requirements of the listing rules relevant to an application for admission to listing;(2) the applicant has satisfied all applicable requirements set out in the prospectus rules unless the home Member State of the applicant is not, or will not be, the
LR 8.4.3RRP
A sponsor must:(1) submit a completed Sponsor's Declaration on an Application for Listing to the FSA either:(a) on the day the FSA is to consider the application for approval of the prospectus and prior to the time the prospectus is approved; or(b) at a time agreed with the FSA, if the FSA is not approving the prospectus;(2) submit a completed a Shareholder Statement or a Pricing Statement, as applicable, to the FSA by 9 a.m. on the day the FSA is to consider the application;(3)
LR 8.4.4GRP
Depending on the circumstances of the case, a sponsor providing services to an applicant on an application for admission to listing may have to confirm in writing to the FSA that the board of the applicant has allotted the equity securities. [Note: see LR 3.3.4 R]
LR 8.4.7RRP
LR 8.4.8 R to LR 8.4.10 G apply in relation to an application for admission of equity securities of an applicant that has equity securities already listed.
LR 8.4.8RRP
A sponsor must not submit to the FSA an application on behalf of an applicant, in accordance with LR 3 (Listing applications), unless it has come to a reasonable opinion, after having made due and careful enquiry, that:(1) the applicant has satisfied all requirements of the listing rules relevant to an application for admission to listing;(2) the applicant has satisfied all applicable requirements set out in the prospectus rules unless the home Member State of the applicant is
LR 8.4.10GRP
Depending on the circumstances of the case, a sponsor providing services to an applicant on an application for admission to listing may have to confirm in writing to the FSA that the board of the applicant has allotted the securities. [Note: see LR 3.3.4 R]
LR 8.4.11RRP
LR 8.4.12 R to LR 8.4.13 R apply in relation to transactions involving a listed company of equity shares with a primary listing that:(1) is required to produce a class 1 circular; (2) is producing a circular that proposes a reconstruction or a re-financing which does not constitute a class 1 transaction; or(3) is producing a circular for the proposed purchase of own shares;(a) which does not constitute a class 1 circular; and(b) is required by LR 13.7.1R (2) to include a working
LR 5.2.2GRP
Examples of when the FSA may cancel the listing of securities include (but are not limited to) situations where it appears to the FSA that:(1) the securities are no longer admitted to trading as required by these rules; or(2) the issuer no longer satisfies its continuing obligations for listing, for example if the percentage of shares in public hands falls below 25% or such lower percentage as the FSA may permit (the FSA may however allow a reasonable time to restore the percentage,
LR 5.2.3GRP
The FSA will generally cancel the listing of a listed company'ssecurities when it completes a reverse takeover.
LR 5.2.4RRP
An issuer must satisfy the requirements applicable to it in LR 5.2.5 R to LR 5.2.11 R and LR 5.3 before the FSA will cancel the listing of its securities at its request.
LR 5.2.5RRP
Subject to the provisions of LR 5.2.6 R and LR 5.2.7 R, an issuer that wishes the FSA to cancel the listing of any of its equity securities with a primary listing must:(1) send a circular to the holders of the securities. The circular must:(a) comply with the requirements of LR 13.3.1 R and LR 13.3.2 R (contents of all circulars);(b) be submitted to the FSA for approval prior to publication; and(c) include the anticipated date of cancellation (which must be not less than 20 business
LR 5.2.7RRP
LR 5.2.5 R (2) will alsonot apply where an issuer of equity securities with a primary listing notifies a RIS;(1) that the financial position of the issuer or its group is so precarious that, but for the proposal referred to in LR 5.2.7 R (2), there is no reasonable prospect that the issuer will avoid going into formal insolvency proceedings;(2) that there is a proposal for a transaction, arrangement or other form of reconstruction of the issuer or its group which is necessary
LR 5.2.8RRP
An issuer that wishes the FSA to cancel the listing of listed securities (other than equity securities with a primary listing) must notify a RIS, giving at least 20 business days notice of the intended cancellation but is not required to obtain the approval of the holders of those securities contemplated in LR 5.2.5 R (2).
LR 5.2.9RRP
Issuers with debt securities falling under LR 5.2.8 R must also notify, in accordance with the terms and conditions of the issue of those securities, holders of those securities or a representative of the holders, such as a trustee, of intended cancellation of those securities, but the prior approval of the holders of those securities in a general meeting need not be obtained.
LR 5.2.11RRP
In the circumstances of LR 5.2.10 R, the company must notify the security holders that the required 75% has been attainedand that the notice period has commenced and of the anticipated date of cancellation or the explanatory letter or other material accompanying the section 429notice must state that the notice period has commenced and the anticipated date of cancellation.
LR 19.4.1RRP
An issuer that has only securitised derivativelisted is subject to the continuing obligations set out in this chapter.
LR 19.4.2RRP
An issuer that has both securitised derivatives and other securitieslisted is subject to the continuing obligations set out in this chapter and the continuing obligations that are applicable to the other securities so listed.
LR 19.4.3RRP
(1) An issuer'slistedsecuritised derivatives must be admitted to trading on a RIE's market for listed securities at all times.(2) An issuer must inform the FSA in writing as soon as possible if it has:(a) requested a RIE to admit or re-admit any of its listedsecuritised derivatives to trading; or(b) requested a RIE to cancel or suspend trading of any of its listedsecuritised derivatives; or(c) been informed by a RIE that the trading of any of its listedsecuritised derivatives
LR 19.4.7RRP
If an issue is guaranteed by an unlisted company, an issuer must submit the guarantor's accounts to the FSA.
LR 19.4.10RRP
(1) An issuer must ensure that appropriate settlement arrangements for its listedsecuritised derivatives are in place.(2) Listedsecuritised derivatives must be eligible for electronic settlement, which includes settlement by a relevant system, as that term is defined in the Uncertificated Securities Regulations 1995 (SI 1995/3272).
LR 19.4.11RRP
An issuer must comply with DTR 2.1 to DTR 2.7 as if it were an issuer for the purposes of the disclosure rules and transparency rules.
LR 19.4.12RRP
An issuer must comply with the requirements in LR 9.5.15 R (temporary documents of title) and LR 9.5.16 R (definitive documents of title) so far as relevant to securitised derivatives.
LR 3.5.1RRP
This section applies to an applicant that wishes to apply for admission of securities using:(1) a block listing; or(2) a formal application.
LR 3.5.2GRP
If an applicant issues securities on a regular basis and in circumstances which do not require the production of a prospectus or listing particulars:(1) the applicant may make an application for a specified number of securities which may be issued in a particular case ("a block listing"); or(2) the applicant may adopt a simplified application procedure for each issue ("a formal application").
LR 3.5.3GRP
The grant of a block listing constitutes admission to listing for the securities that are the subject of the block. An applicant therefore needs to take this into consideration when applying for admission of further securities in order to ensure compliance with its obligations under PR 1.2.3 R (1). Separately, the provisions of PR 1.2.2 R will need to be considered by the applicant when the securities that are the subject of the block listing are being issued.
LR 3.5.4RRP
An applicant applying for admission to listing by way of a block listing must submit in final form the following items at least two business days before the FSA is to consider each application for admission:(1) a completed Application for Admission of Securities to the Official List; and(2) the item set out in LR 3.3.2 R (2)(c).Note: The Application for Admission of Securities to the Official List form can be found on the UKLA section of the FSA website.
LR 3.5.5RRP
(1) An applicant applying for admission to listing by way of a block listing must notify an 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 9 a.m. on the day the FSA is to consider the application.
LR 3.5.6RRP
Every six 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 six months, using the Block Listing Six Monthly Return. A copy of the notification must also be lodged with the FSA.
LR 3.5.7GRP
An applicant applying for admission to listing by way of a formal application must submit, at least two business days before the consideration of each application for admission to listing:(1) all the items set out in LR 3.5.4 R; and(2) the item set out in LR 3.3.2 R (5).
LR 5.3.1RRP
A request by an issuer for the listing of its securities to be suspended or cancelled must be in writing and must include:(1) the issuer's name;(2) details of the securities to which it relates and the RIEs on which they are traded;(3) a clear explanation of the background and reasons for the request;(4) the date on which the issuer requests the suspension or cancellation to take effect;(5) for a suspension, the time the issuer wants the suspension to take effect;(6) if relevant,
LR 5.3.2RRP
The issuer must also include with a request to cancel the listing of its securities the following:(1) if the cancellation is to take effect after the completion of the compulsory acquisition procedures under Part XIIIA of the Companies Act 1985, a copy of the notice sent to dissenting shareholders of the offeree together with written confirmation that there have been no objections made to the court within the prescribed period;(2) for a cancellation referred to in LR 5.2.10 R
LR 5.3.4GRP
A written request by an issuer to have the listing of its securities suspended should be made as soon as practicable. Suspension requests received for the opening of the market should allow sufficient time for the FSA to deal with the request before trading starts.
LR 5.3.5RRP
A written request by an issuer to have the listing of its securities cancelled must be made not less than 24 hours before the cancellation is expected to take effect.
LR 5.3.6GRP
Cancellations will only be specified to take effect when the market opens on a specified day. An issuer should therefore ensure that all accompanying information has been provided to the FSA well before the date on which the issuer wishes the cancellation to take effect and at the very latest by 3 p.m. on the business day before it is to take effect. If the information is received after 3:00 p.m. on the day before the issuer wishes the cancellation to take effect, it will normally
LR 5.3.7GRP
(1) If an issuer requests the FSA to suspend or cancel the listing of its securities, it may withdraw its request at any time before the suspension or cancellation takes effect. The withdrawal request should initially be made by telephone and then confirmed in writing as soon as possible, with an explanation of the reasons for the withdrawal.(2) Even if an issuer withdraws its request, the FSA may still suspend or cancel the listing of the securities if it considers it is necessary
DTR 2.2.4GRP
(1) In determining the likely price significance of the information an issuer should assess whether the information in question would be likely to be used by a reasonable investor as part of the basis of his investment decisions and would therefore be likely to have a significant effect on the price of the issuer'sfinancial instruments (the reasonable investor test). [Note: Article 1(2) 2003/124/EC](2) In determining whether information would be likely to have a significant effect
DTR 2.2.5GRP
The reasonable investor test requires an issuer:(1) to take into account that the significance of the information in question will vary widely from issuer to issuer, depending on a variety of factors such as the issuer's size, recent developments and the market sentiment about the issuer and the sector in which it operates; and(2) to assume that a reasonable investor will make investment decisions relating to the relevant financial instrument to maximise his economic self in
DTR 2.2.6GRP
It is not possible to prescribe how the reasonable investor test will apply in all possible situations. Any assessment should take into consideration the anticipated impact of the information in light of the totality of the issuer's activities, the reliability of the source of the information and other market variables likely to affect the relevant financial instrument in the given circumstances. However, information which is likely to be considered relevant to a reasonable investor's
DTR 2.2.7GRP
An issuer and its advisers are best placed to make an initial assessment of whether particular information amounts to inside information. The decision as to whether a piece of information is inside information may be finely balanced and the issuer (with the help of its advisers) will need to exercise its judgement.Note:DTR 2.7 provides additional guidance on dealing with market rumour.
DTR 2.2.8GRP
The directors of the issuer should carefully and continuously monitor whether changes in the circumstances of the issuer are such that an announcement obligation has arisen under this chapter.
DTR 2.2.9GRP
(1) Subject to the limited ability to delay release of inside information to the public provided by DTR 2.5.1 R, an issuer is required to notify, via a RIS, all inside information in its possession as soon as possible.(2) If an issuer is faced with an unexpected and significant event, a short delay may be acceptable if it is necessary to clarify the situation. In such situations a holding announcement should be used where an issuer believes that there is a danger of inside information
DTR 2.2.10GRP
The FSA is aware that many issuers provide unpublished information to third parties such as analysts, employees, credit rating agencies, finance providers and major shareholders, often in response to queries from such parties. The fact that information is unpublished does not in itself make it inside information. However, unpublished information which amounts to inside information is only permitted to be disclosed in accordance with the disclosure rules and an issuer must ensure
LR 18.2.1RRP
If an application is made for the admission of certificates representing certain securities, the issuer of the securities which the certificates represent is the issuer for the purpose of the listing rules and the application will be dealt with as if it were an application for the admission of the securities.
LR 18.2.2RRP
For certificates representing certain securities to be admitted to listing an issuer of the securities which the certificates represent must comply with LR 18.2.3 R to LR 18.2.7 G.
LR 18.2.3RRP
An issuer must be:(1) duly incorporated or otherwise validly established according to the relevant laws of its place of incorporation or establishment; and(2) operating in conformity with its constitution. [Note: Articles 42 and 52 CARD]
LR 18.2.4RRP
For the certificates to be listed, the securities which the certificates represent must:(1) conform with the law of the issuer's place of incorporation;(2) be duly authorised according to the requirements of the issuer's constitution; and(3) have any necessary statutory or other consents. [Note: Articles 45 and 53 CARD]
LR 18.2.7GRP
The FSA may, in exceptional circumstances, modify or dispense with LR 18.2.5 R where the issuer has the power to disapprove the transfer of securities if the FSA is satisfied that this power would not disturb the market in those securities.
LR 18.2.14RRP
A depositary that issues certificates representing certain securities must hold on trust (or under equivalent arrangements) for the sole benefit of the certificate holders the securities to which the certificates relate, all rights relating to the securities and all money and benefits that it may receive in respect of them, subject only to payment of the remuneration and proper expenses of the issuer of the certificates.
DTR 2.5.2GRP
(1) Delaying disclosure of inside information will not always mislead the public, although a developing situation should be monitored so that if circumstances change an immediate disclosure can be made.(2) Investors understand that some information must be kept confidential until developments are at a stage when an announcement can be made without prejudicing the legitimate interests of the issuer.
DTR 2.5.4GRP
(1) does not envisage that an issuer will: DTR 2.5.3 R (1) does not allow an issuer to delay public disclosure of the fact that it is in financial difficulty or of its worsening financial condition and is limited to the fact or substance of the negotiations to deal with such a situation. An issuer cannot delay disclosure of inside information on the basis that its position in subsequent negotiations to deal with the situation will be jeopardised by the disclosure of its financial
DTR 2.5.5GRP
An issuer should not be obliged to disclose impending developments that could be jeopardised by premature disclosure. Whether or not an issuer has a legitimate interest which would be prejudiced by the disclosure of certain inside information is an assessment which must be made by the issuer in the first instance. However, the FSA considers that, other than in relation to impending developments or matters described in DTR 2.5.3 R, there are unlikely to be other circumstances where
DTR 2.5.7GRP
(1) When an issuer is permitted to delay public disclosure of inside information in accordance with DTR 2.5.1 R, it may selectively disclose that information to persons owing it a duty of confidentiality.(2) Such selective disclosure may be made to another person if it is in the normal course of the exercise of his employment, profession or duties. However, selective disclosure cannot be made to any person simply because they owe the issuer a duty of confidentiality. For example,
DTR 2.5.8GRP
Selective disclosure to any or all of the persons referred to in DTR 2.5.7 G may not be justified in every circumstance where an issuer delays disclosure in accordance with DTR 2.5.1 R.
DTR 2.5.9GRP
An issuer should bear in mind that the wider the group of recipients of inside information the greater the likelihood of a leak which will trigger full public disclosure of the information via a RIS under DTR 2.6.2 R.
PR 2.2.2RRP
(1) A prospectus composed of separate documents must divide the required information into a registration document, a securities note and a summary.(2) The registration document must contain the information relating to the issuer. The securities note must contain the information concerning the transferable securities to be offered or to be admitted to trading. [Note: article 5.3 PD]
PR 2.2.4RRP
An issuer, offeror or person requesting admission who already has a registration document approved by the FSA is required to draw up only the securities note and the summary when transferable securities are offered or a request is made for admission to trading. [Note: article 12.1 PD]
PR 2.2.6RRP
An issuer, offeror or person requesting admission may choose to file a registration document without approval. If it does so, the entire documentation, including updated information, is subject to approval. [Note: article 12.3 PD]
PR 2.2.7RRP
The prospectus can, at the choice of the issuer, offeror or person requesting admission, consist of a base prospectus containing all relevant information concerning the issuer and the transferable securities to be offered or to be admitted to trading if it relates to one of the following types of transferable securities:(1) non-equity transferable securities, including warrants in any form, issued under an offering programme; or(2) non-equity transferable securities issued in
PR 2.2.8RRP
The information given in the base prospectus must be supplemented, if necessary, in accordance with section 87G of the Act (supplementary prospectus), with updated information on the issuer and on the transferable securities to be offered or to be admitted to trading. [Note: article 5.4 PD]
PR 2.2.10EURP

Articles 25 and 26 of the PD Regulation provide for the format of prospectuses and base prospectuses:

Format of the prospectus

25.1

Where an issuer, an offeror or a person asking for the admission to trading on a regulated market chooses, according to [PR 2.2.1 R] to draw up a prospectus as a single document, the prospectus shall be composed of the following parts in the following order:

(1)

a clear and detailed table of contents;

(2)

the summary provided for in [section 87A(5) of the Act];

(3)

the risk factors linked to the issuer and the type of security covered by the issue;

(4)

the other information items included in the schedules and building blocks according to which the prospectus is drawn up.

2.

Where an issuer, an offeror or a person asking for the admission to trading on a regulated market chooses, according to [LR 3.1.1 R], to draw up a prospectus composed of separate documents, the securities note and the registration document shall be each composed of the following parts in the following order:

(1)

a clear and detailed table of contents;

(2)

as the case may be, the risk factors linked to the issuer and the type of security covered by the issue;

(3)

the other information items included in the schedules and building blocks according to which the prospectus is drawn up.

3.

In the cases mentioned in paragraphs 1 and 2, the issuer, the offeror or the person asking for admission to trading on a regulated market shall be free in defining the order in the presentation of the required information items included in the schedules and building blocks according to which the prospectus is drawn up.

4.

Where the order of the items does not coincide with the order of the information provided for in the schedules and building blocks according to which the prospectus is drawn up, the [FSA] may ask the issuer, the offeror or the person asking for the admission to trading on a regulated market to provide a cross reference list for the purpose of checking the prospectus before its approval. Such list shall identify the pages where each item can be found in the prospectus. [see LR 3.1.1R(3)]

5.

Where the summary of a prospectus must be supplemented according to [section 87G of the Act], the issuer, the offeror or the person asking for admission to trading on a regulated market shall decide on a case-by-case basis whether to integrate the new information in the original summary by producing a new summary, or to produce a supplement to the summary.

If the new information is integrated in the original summary, the issuer, the offeror or the person asking for admission to trading on a regulated market shall ensure that investors can easily identify the changes, in particular by way of footnotes.

Format of the base prospectus and its related final terms

26.1

Where an issuer, an offeror or a person asking for the admission to trading on a regulated market chooses, according to [PR 2.2.7 R] to draw up a base prospectus, the base prospectus shall be composed of the following parts in the following order:

(1)

a clear and detailed table of contents;

(2)

the summary provided for in [section 87A of the Act];

(3)

the risk factors linked to the issuer and the type of security or securities covered by the issue(s);

(4)

the other information items included in the schedules and building blocks according to which the prospectus is drawn up.

2.

Notwithstanding paragraph 1, the issuer, the offeror or the person asking for admission to trading on a regulated market shall be free in defining the order in the presentation of the required information items included in the schedules and building blocks according to which the prospectus is drawn up. The information on the different securities contained in the base prospectus shall be clearly segregated.

3.

Where the order of the items does not coincide with the order of the information provided for by the schedules and building blocks according to which the prospectus is drawn up, the [FSA] may ask the issuer, the offeror or the person asking for admission to trading on a regulated market to provide a cross reference list for the purpose of checking the prospectus before its approval. Such list should identify the pages where each item can be found in the prospectus. [see LR 3.1.1R(3)]

4.

In case the issuer, the offeror or the person asking for admission to trading on a regulated market has previously filed a registration document for a particular type of security and, at a later stage, chooses to draw up base prospectus in conformity with the conditions provided for in [PR 2.2.7 R], the base prospectus shall contain:

(1)

the information contained in the previously or simultaneously filed and approved registration document which shall be incorporated by reference, following the conditions provided for in Article 28 of this Regulation;

(2)

the information which would otherwise be contained in the relevant securities note less the final terms where the final terms are not included in the base prospectus.

5.

The final terms attached to a base prospectus shall be presented in the form of a separate document containing only the final terms or by inclusion of the final terms into the base prospectus.

In the case that the final terms are included in a separate document containing only the final terms, they may replicate some information which has been included in the approved base prospectus according to the relevant securities note schedule that has been used for drawing up the base prospectus. In this case the final terms have to be presented in such a way that they can be easily identified as such.

A clear and prominent statement shall be inserted in the final terms indicating that the full information on the issuer and on the offer is only available on the basis of the combination of base prospectus and final terms and where the base prospectus is available.

6.

Where a base prospectus relates to different securities, the issuer, the offeror or the person asking for admission to trading on a regulated market shall include a single summary in the base prospectus for all securities. The information on the different securities contained in the summary, however, shall be clearly segregated.

7.

Where the summary of a base prospectus must be supplemented according to [section 87G of the Act], the issuer, the offeror or the person asking for admission to trading on a regulated market shall decide on a case-by-case basis whether to integrate the new information in the original summary by producing a new summary, or by producing a supplement to the summary.

If the new information is integrated in the original summary of the base prospectus by producing a new summary, the issuer, the offeror or the person asking for admission to trading on a regulated market shall ensure that investors can easily identify the changes, in particular by way of footnotes.

8.

Issuers, offerors or persons asking for admission to trading on a regulated market may compile in one single document two or more different base prospectuses.

LR 4.2.1GRP
Section 80 (1) of the Act (general duty of disclosure in listing particulars) requires listing particulars submitted to the FSA to contain all such information as investors and their professional advisers would reasonably require, and reasonably expect to find there, for the purpose of making an informed assessment of:(1) the assets and liabilities, financial position, profits and losses, and prospects of the issuer of the securities; and(2) the rights attaching to the securi
LR 4.2.4RRP
The following minimum information from the PD Regulation must be included in listing particulars:(1) for an issue of bonds including bonds convertible into the issuer's shares or exchangeable into a third party issuer'sshares or derivative securities, irrespective of the denomination of the issue, the minimum information required by the schedules applicable to debt and derivative securities with a denomination per unit of at least 50,000 euros;(2) the additional information required by
LR 4.2.5GRP
For all other issues the FSA would expect issuers to follow the most appropriate schedules and building blocks in the PD Regulation to determine the minimum information to be included in listing particulars.
LR 4.2.6RRP
An issuer may incorporate information by reference in the listing particulars as if PR 2.4 and the PD Regulation applied to the listing particulars.
LR 4.2.7RRP
An issuer may include equivalent information in listing particulars as if PR 2.5.1 R applied to the listing particulars.
LR 4.2.10RRP
A request to the FSA to authorise the omission of specific information in a particular case must:(1) be in writing from the issuer;(2) identify the specific information concerned and the specific reasons for the omission; and(3) state why in the issuer's opinion one or more of the grounds in section 82 of the Act applies.
LR 4.2.13RRP
(1) In the case of listing particulars for specialist securities:(a) the issuer must state in the listing particulars that it accepts responsibility for the listing particulars;(b) the directors may state in the listing particulars that they accept responsibility for the listing particulars; and(c) other persons may state in the listing particulars that they accept responsibility for all or part of the listing particulars and in that case the statement by the issuer or directors
PR 5.5.2RRP
The rules in this section only apply in respect of a prospectus if the United Kingdom is the Home State for the issuer in relation to the transferable securities to which the prospectus relates.
PR 5.5.3RRP
(1) This rule applies to a prospectus relating to:(a) equity shares;(b) warrants or options to subscribe for equity shares, that are issued by the issuer of the equity shares; and(c) other transferable securities that have similar characteristics to transferable securities referred to in paragraphs (a) or (b).(2) Each of the following persons are responsible for the prospectus:(a) the issuer of the transferable securities;(b) if the issuer is a body corporate:(i) each person who
PR 5.5.4RRP
(1) This rule applies to a prospectus relating to transferable securities other than those to which PR 5.5.3 R applies.(2) Each of the following persons are responsible for the prospectus:(a) the issuer of the transferable securities;(b) each person who accepts, and is stated in the prospectus as accepting, responsibility for the prospectus;(c) in relation to an offer, the offeror of the transferable securities, if this is not the issuer;(d) in relation to a request for an admission
PR 5.5.5RRP
A person is not responsible for a prospectus under PR 5.5.3R (2)(a) or (b) or PR 5.5.4 R (2)(a) if the issuer has not made or authorised the offer or the request for admission to trading in relation to which the prospectus was published.
PR 5.5.7RRP
A person is not responsible for a prospectus under PR 5.5.3 R (2)(d) or PR 5.5.4 R (2)(c) if:(1) the issuer is responsible for the prospectus in accordance with the rules in this section;(2) the prospectus was drawn up primarily by the issuer, or by one or more persons acting on behalf of the issuer; and(3) the offeror is making the offer in association with the issuer.
LR 18.4.1RRP
An issuer of debt securities which the certificates represent must comply with the continuing obligations set out in LR 17.3 (Requirements with continuing application) and LR 17.4 (Disclosures) in addition to the requirements of this section.
LR 18.4.5RRP
(1) An issuer of securities represented by listedcertificates representing certain securities must notify a RIS of any change of depositary.(2) The notification required by paragraph (1) must be made as soon as possible, and in any event by 7.30 a.m. on the business day following the change of depositary, and contain the following information:(a) the name, registered office and principal administrative establishment if different from the registered office of the depositary;(b)
LR 18.4.6RRP
An issuer must comply with the requirements in LR 9.5.15 R (Temporary documents of title) and LR 9.5.16 R (Definitive documents of title) so far as relevant to certificates representing equity securities.
LR 1.3.1RRP
An issuer must provide to the FSA as soon as possible:(1) any information and explanations that the FSA may reasonably require to decide whether to grant an application for admission;(2) any information that the FSA considers appropriate to protect investors or ensure the smooth operation of the market; and [Note: Article 16.1 CARD](3) any other information or explanation that the FSA may reasonably require to verify whether listing rules are being and have been complied with
LR 1.3.2RRP
(1) The FSA may, at any time, require an issuer to publish such information in such form and within such time limits as it considers appropriate to protect investors or to ensure the smooth operation of the market. [Note: Article 16.2 CARD](2) If an issuer fails to comply with a requirement under paragraph (1) the FSA may itself publish the information (after giving the issuer an opportunity to make representations as to why it should not be published). [Note: Article 16.2 CA
LR 1.3.3RRP
An issuer must take reasonable care to ensure that any information it notifies to a RIS or makes available through the FSA is not misleading, false or deceptive and does not omit anything likely to affect the import of the information.
LR 1.3.4RRP
If an issuer is required to notify information to a RIS at a time when a RIS is not open for business it must distribute the information as soon as possible to:(1) not less than two national newspapers in the United Kingdom;(2) two newswire services operating in the United Kingdom; and(3) a RIS for release as soon as it opens.
LR 19.5.1RRP
An issuer must submit to the FSA two copies of any document required by LR 19.5.2 R to LR 19.5.10 R at the same time as the document is issued.
LR 19.5.7RRP
An issuer must notify a RIS of all notices to holders of listedsecuritised derivatives no later than the date of despatch or publication.
LR 19.5.9RRP
An issuer must notify a RIS of any adjustment or modification it makes to the securitised derivative as a result of any change in or to the underlying instrument including details of the underlying event that necessitated the adjustment or modification.
LR 19.5.10RRP
An issuer must inform the FSA immediately if it becomes aware that an underlying instrument that is listed or traded outside the United Kingdom has been suspended.Note:LR 5.1.2G (7) and (8) and LR 5.4.6 G are of relevance to an issuer of securitised derivatives.
LR 16.3.1GRP
A venture capital trust must comply with LR 9 (Continuing obligations) subject to the modifications and additional conditions set out in LR 16.3.2 G to LR 16.3.7 G and LR.
LR 16.3.2GRP
A venture capital trust must comply with LR 16.2.8 R to LR 16.2.10 R at all times.
LR 16.3.3GRP
The total value of funds to be raised in any twelve month period by a listedventure capital trust must not exceed the total amount of venture capital funds managed by that trust's investment manager or directors where relevant, for at least the preceding three years.
LR 16.3.6RRP
A venture capital trust must notify the FSA as soon as possible if it loses its tax status under section 842AA of the Income and Corporations Taxes Act 1988.
LR 5.4.1GRP
If an issuer has the listing of its securities cancelled, it may only have them readmitted to the official list by re-applying for their listing.
LR 5.4.2RRP
The FSA may restore the listing of any securities that have been suspended if it considers that the smooth operation of the market is no longer jeopardised or if the suspension is no longer required to protect investors. The FSA may restore the listing even though the issuer does not request it.
LR 5.4.3GRP
(1) An issuer that has the listing of any of its securities suspended may request the FSA to have them restored.(2) The request should be made sufficiently in advance of the time and date the issuer wishes the securities to be restored.(3) Requests received for when the market opens should allow sufficient time for the FSA to deal with the request.(4) The request may be an oral request. The FSA may require documentary evidence that the events that lead to the suspension are no
LR 5.4.5GRP
(1) If an issuer has requested the FSA to restore the listing of any securities, it may withdraw its request at any time while the securities are still suspended. The withdrawal request should initially be made by telephone and then confirmed in writing as soon as possible.(2) Even if a request to restore has been withdrawn, the FSA may restore the listing of securities if it believes the circumstances justify it.
LR 5.4.6GRP
(1) If an underlying instrument is restored, the securitised derivative'slisting will normally be restored.(2) For a securitised derivative relating to a basket of underlying instruments that has been suspended, the securitised derivative's listing may be restored by the FSA, irrespective of whether or not the underlying instrument has been restored, if:(a) the issuer of the securitised derivative confirms to the FSA that despite the relevant underlying instrument(s) suspension
LR 3.3.1RRP
(1) LR 3.3.2 R to LR 3.3.7 R apply to an applicant which is applying for a primary listing of its equity shares.(2) LR 3.3.2 R to LR 3.3.8 R apply to an applicant which is applying for:(a) a primary listing of its preference shares; or(b) a primary listing of its securities that are convertible into equity shares; or(c) a secondary listing of its equity securities.
LR 3.3.3RRP
Either of the following documents must be submitted, in final form, to the FSA before 9 a.m. on the day the FSA is to consider application:(1) a completed Shareholder Statement, signed by a sponsor, in the case of an applicant that is applying for a listing of equity shares or preference shares for the first time; or [Note: see LR 8.4.3 R].(2) a completed Pricing Statement, signed by a sponsor, in the case of a placing by an applicant of equity shares of a class already listed.
LR 3.3.4RRP
If a copy of the resolution of the board allotting the securities cannot be submitted to the FSA by the deadline set out in LR 3.3.2 R the resolution or a written confirmation fromthe applicant or its sponsor that the securities have been allotted must be submitted to the FSA at least one hour before the admission to listing is to become effective.
LR 3.3.6RRP
An applicant must keep copies of the following for six years after the admission to listing:(1) any agreement to acquire any assets, business or shares in consideration for or in relation to which the company's securities are being issued;(2) any letter, report, valuation, contract or other documents referred to in the prospectus, listing particulars, circular or other document issued in connection with those securities;(3) the applicant'sconstitution as at the date of admission;(4)
LR 3.3.7RRP
An applicant must provide to the FSA the documents set out in LR 3.3.6 R, if requested to do so.