We are consulting on the following changes that we are proposing to make to the Knowledge Base[1].
This guidance is likely to be of most relevance to issuers of transferable securities and their advisers, investors and other persons who interact with FCA.
Background to this consultation
The Knowledge Base[2] is the FCA’s repository of non-handbook commentary that has the status of formal FCA guidance. It consists of a series of short procedural and technical notes published in PDF form and ordered by topic. The notes relate to aspects of the Listing Rules, Prospectus Rules and Disclosure Guidance and Transparency Rules.
Summary of our proposals
We are consulting on the following changes that we are proposing to make to the Knowledge Base:
The amendment of three existing technical notes:
- Profit forecasts and estimates[3] (UKLA/TN/340.2)
- Exemptions from the requirement to prepare a prospectus[4] (UKLA/TN/602.2)
- Sponsors’ obligations on financial position and prospects procedures[5] (UKLA/TN/708.3)
The addition of five new technical notes:
- Quantified Financial Benefits Statements[6] (UKLA/TN/315.1)
- FRS 102 Cash Flow Statement Exemptions[7] (UKLA/TN/635.1)
- Sponsors’ duty regarding directors of listed companies[8] (UKLA/TN/718.1)
- Sponsors’ obligations on established procedures[9] (UKLA/TN/719.1)
- Sponsors’ obligations on no adverse impact[10] (UKLA/TN/720.1)
We summarise our proposals in Primary Market Bulletin No. 18[11].
Cost benefit analysis
A cost benefit analysis is not included in this consultation.
We want to hear what you think
Please send your comments on our proposals by 11 October 2017 to [email protected].
Alternatively, send them by post to:
Daniel Holmes
Primary Market Oversight Department
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS