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FSA Consultation on amendments to the Listing Rules |
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Written by Calum Haswell
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Tuesday, 02 December 2008 |
The FSA have released Consultation paper 08/21, entitled 'Consultation on amendments to the Listing Rules and feedback on DP08/1'. Consultation closes on 1 March 2009.
The new Listing Rules are aimed at providing further clarity to the Listing Regime and helping maintain the integrity of the UK markets enabling issuers and investors to make informed decisions Under the proposals:
- Premium Listings will have to meet the UK’s super-equivalent standards which are higher than the EU minimum requirements
- Standard Listings will cover issues of equities (excluding issues by investment entities), Global Depository Receipts (GDRs) and Debt and Securitised derivatives which are only required to comply with EU minimum requirements
Premium and Standard Listings will be open to both UK and overseas companies.
Following responses from the market, the FSA proposes to:
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Provide a level playing field for UK companies by allowing them to also list on the Standard Listing segment;
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Ensure greater clarity around the corporate governance disclosure requirements of overseas companies with a Premium Listing;
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Introduce a new pre-emption rights disclosure regime for overseas companies with a Premium Listing;
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Maintain the current disclosure regime for GDRs and not require sponsors for issuance of GDRs;
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Make it easier for listed companies with equity securities to migrate to other categories without first cancelling their current listing;
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and Extend the Company Reporting Directive’s requirement for an annual corporate governance statement to overseas companies.
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