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Eligibility requirements—premium listing, standard listing, High Growth segment and AIM—prior to 29 July 2024

Eligibility requirements—premium listing, standard listing, High Growth segment and AIM—prior to 29 July 2024 A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories.  The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. In addition, the London Stock Exchange closed the High Growth segment. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This checklist reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This checklist compares the eligibility requirements for a former premium listing, a former standard listing, an admission to the former High Growth Segment of the Main Market and admission to trading...

Listing requirements and continuing obligations—premium listing and standard listing—prior to 29 July 2024

Listing requirements and continuing obligations—premium listing and standard listing—prior to 29 July 2024 A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories.  The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This checklist reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This checklist compares the listing requirements and key continuing obligations that previously applied to a commercial company with a listing of equity securities on the premium and standard listing segments prior to 29 July 2024. Requirements for listing—prior to 29 July 2024...

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PR Resource Note—PR 5—Other provisions [Archived]

PR Resource Note—PR 5—Other provisions [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. Last updated July 2019. On 21 July 2019, the Prospectus Regulation (EU) 2017/1129 became fully applicable in EU member states and the Prospectus Directive was repealed. The Prospectus Regulation now regulates when a prospectus is required to be published in respect of an offer of securities to the public in the UK or the admission of securities to trading on a regulated market in the UK. The FCA aligned the FCA Handbook with the provisions of the Prospectus Regulation by deleting the Prospectus Rules in their entirety and replacing them with the Prospectus Regulation Rules sourcebook. For more information see Practice Note: The UK Prospectus Regulation—essentials and The UK Prospectus Regulation—is a prospectus required? This note and related notes on the now repealed Prospectus Rules have been retained for reference as the commentary may still be applicable to corresponding provisions of the Prospectus Regulation Rules (PRR). This Resource Note...

Securities litigation (misleading statements)—civil causes of action compared

Securities litigation (misleading statements)—civil causes of action compared Note: the Public Offers and Admissions to Trading Regulations 2024 (POATRs 2024), SI 2024/105 were made in January 2024. These regulations provide a new framework for regulating public offers of securities and admissions of securities to trading in the UK and will in time replace the prospectus regime set out in the UK Prospectus Regulation. One aspect of the new regime under the POATRs 2024 is the reform of the liability regime as regards prospectuses currently set out in section 90 of the Financial Services and Markets Act 2000 (FSMA 2000) which will be replaced by POATRs 2024, SI 2024/105, reg 30 and a change in the prospectus liability standard attaching to ‘protected forward-looking statements’ (PFLS) in prospectuses. For details of the UK prospectus regime reforms, see Practice Note: UK prospectus regime reform. For an analysis of the potential impact of the reforms on securities litigation and the Financial Conduct Authority’s (FCA) proposals for PFLS, see New Analysis: UK listing and prospectus...

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Do MiFIR pre- and post-trade transparency requirements apply to transactions in Euro Commercial Paper (ECP)?

Do MiFIR pre- and post-trade transparency requirements apply to transactions in Euro Commercial Paper (ECP)? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] The Markets in Financial Instruments Regulation (EU) (600/2014) (MiFIR) introduced pre- and post-trade transparency requirements for non-equity instruments traded on a regulated market, multi-lateral trading facility (MTF) or organised trading facility (OTF) (together, trading venues). Non-equity instruments include bonds, which are tradeable debt instruments. European Commercial Paper (ECP) would be considered bonds for this purpose, and trades in ECP would be subject to the pre-and post-trade...

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ESMA publishes final report clarifying scope of CSDR cash penalties

The European Securities and Markets Authority (ESMA) has published a final report providing technical advice to the European Commission on the scope of the settlement discipline regime under the EU Central Securities Depositories Regulation (CSDR) (Regulation (EU) 909/2014), as amended by CSDR Refit. The report identifies specific causes of settlement fails that are not attributable to participants and clarifies which operations are not considered trading. Scenarios that would not trigger cash penalties include technical failures at the central securities depository (CSD) level such as system outages, cyberattacks and network disruptions, full-day trading suspensions of an ISIN on its most liquid market, and the technical creation or redemption of fund units or shares on the primary market, including those related to exchange-traded funds (ETFs). The Commission will consider this advice when preparing a delegated act further specifying the scope of operations and transactions subject to the settlement discipline regime.

Corporate weekly highlights—1 May 2025

This week's edition of Corporate weekly highlights includes news of confirmation from the government that it intends to proceed, in 2027, to replace stamp duty and stamp duty reserve tax (SDRT) with a single, self-assessed tax on securities. In connection with this, the government has also launched a consultation on modernising the rules concerning the legislation concerning imposing the 1.5% higher rate charge on stamp taxes on shares.