Dates of consultations
August 2014 and November 2014
Summary of feedback received
The Knowledge Base is the UKLA’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 and Transparency Rules.
In Primary Market Bulletin Nos. 8[1] (August 2014) and 9 [2](November 2014) we proposed the following changes to the Knowledge Base:
The addition of six new technical notes
- Cancellation of listing or transfer between listing categories – requests to waive the 20 business day notice period[3] (UKLA/TN/210.1)
- Share buybacks – novel/complex approaches and Premium Listing Principle 5[4] (UKLA/TN/310.1)
- Discounted share issues and standard of disclosure in circulars[5] (UKLA/TN/311.1)
- Related party transactions by closed-ended investment funds – amendment of an existing investment management agreement to cover new money[6] (UKLA/TN/404.1)
- Disclosure of ‘lock-up’ agreements[7] (UKLA/TN/522.1)
- Pro forma financial information[8] (UKLA/TN/633.1)
The amendment of eleven existing technical notes
- Restrictions on transfer[9] (UKLA/TN/101.2)
- Compliance with the Listing Principles and Premium Listing Principles[10] (UKLA/TN/203.2)
- Ratification circulars[11] (UKLA/TN/204.2)
- Equality of treatment – Premium Listing Principle 5[12] (UKLA/TN/207.2)
- Hostile takeovers[13] (UKLA/TN/305.2)
- Scientific research based companies[14] (UKLA/TN/422.2)
- Assessing and handling inside information[15] (UKLA/TN/521.2)
- Transactions by persons discharging managerial responsibilities and their connected persons[16] (UKLA/TN/540.2)
- Risk factors[17] (UKLA/TN/621.3)
- The sponsor’s role on working capital confirmations[18] (UKLA/TN/704.2)
- Sponsors’ obligations on financial positions and prospects procedures[19] (UKLA/TN/708.2)
The deletion of one existing technical note
- Sponsors: Creation and maintenance of records (UKLA/TN/703.1)
We received feedback on our proposals relating to five of those notes. We summarise the feedback received in Primary Market Bulletin No. 11[20].
Changes made to the guidance as a result of feedback received[21]