FT article traces problems to the LSE’s pursuit of overseas resources companies in the early 2000s, the “disjointed” Premium and Standard listing regimes and the different criteria used by the FTSE UK Index series,
Here. Topics covered:
- Changes to how the UKLA reviews eligibility for listing.
Applying the Listing Rules to guarantees under section 479C of the Companies Act 2006.
Disclosing inside information in the context of periodic financial reporting.
- Our approach to supplementary prospectuses.
- Issues surrounding risk factor disclosures.
- Information that can be included in base prospectuses and final terms.
- Issues relevant to sponsor services.
This is the first penalty imposed on a company by the FSA for breaches of the Listing Rules and Listing Principles relating to compliance with the Model Code. From a Financial Services Authority press release on 14 February 2013:
“The Financial Services Authority (FSA) has fined Nestor Healthcare Group Limited (Nestor) £175,000 for failing to take adequate steps to ensure that its board members and senior executives complied with the share dealing provisions of the FSA’s Model Code.read more »
London Stock Exchange’s new “High Growth Segment” for high growth companies with minimum market cap of £300 million: announcement and draft Rulebook
This morning London Stock Exchange announced its new “High Growth Segment” of the Main Market. The HGS is aimed at fast-growing companies aspiring to be included in the Premium Segment of the UKLA’s Official List. In the words of the Exchange:
“Market feedback from investors, sell side participants and the venture capital community confirms there are a significant number of UK and European businesses with ambitious development plans that are currently under-represented on the equity markets. This segment is part of the solution – it will provide greater choice for companies seeking capital and investors seeking growth opportunities.”
The HGS will be a segment of the EU’s EU regulated market and so the EU financial services directives (including the Prospectus Directive) will apply. The HGS will not be part of the Official List, with the Exchange explicitly designing the HGS as a “transitional route” to the Official List.
Key issuer eligibility criteria are:
The snappily-named Listing Rules Joint Working Party of the Company Law Committees of the Law Society of England and Wales and the City of London Law Society has published its response to the FSA’s October 2012 consultation on “Enhancing the effectiveness of the Listing Regime” (we discussed the consultation in this post).
The Financial Services Authority, in its guise as the UK Listing Authority, has published issue 4 of its Primary Market Bulletin.
This issue is entirely taken up with discussing how the UKLA has compiled the contents of its new “Knowledge Base“, which is “the UKLA’s repository of available technical guidance. The information is designed to assist both issuers and practitioners advising issuers in interpreting the Listing Rules, the Prospectus Rules and the Disclosure and Transparency Rules”. The notes in the Knowledge Base constitute formal FSA guidance.
In a new consultation paper published today, the Financial Services Authority – in its guise as the UK Listing Authority – has announced that it is consulting on:
- changes to the free float requirements for both the premium and standard listing segments on the Main Market; and
- introducing a new controlling shareholder concept.
read more »