This guidance is likely to be of most relevance to issuers of transferable securities and their advisers, investors, and other persons who interact with the UK Listing Authority.
Background to this consultation
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.
Summary of our proposals
We are consulting on the following changes that we are proposing to make to the Knowledge Base:
The amendment of one existing procedural note
- Public offer prospectus – drafting and approval[1] (UKLA/PN/904.2)
The reconsultation of one new technical note proposed in PMB No. 11[2]
- Application of related party rules to funds investing in highly illiquid asset classes[3] (UKLA/TN/406.1)
The amendment of 14 existing technical notes
- Listing Principle 2 – Dealing with the FCA in an open and cooperative manner[4] (UKLA/TN/209.2)
- Equivalence arrangements for third country issuers[5] (UKLA/TN/503.2)
- Exemptions from the periodic reporting requirements[6] (UKLA/TN/504.2)
- Scope and application of vote holder and issuer notification rules[7] (UKLA/TN/541.2)
- Issuer's obligations[8] (UKLA/TN/542.2)
- Shareholder obligations[9] (UKLA/TN/543.2)
- Third country equivalent obligations[10] (UKLA/TN/544.2)
- Changes in holdings[11] (UKLA/TN/545.2)
- Voting rights that are disregarded for notification purposes[12] (UKLA/TN/546.2)
- Aggregation of managed holdings[13] (UKLA/TN/547.2)
- Market makers[14] (UKLA/TN/548.2)
- Asset managers[15] (UKLA/TN/549.2)
- Trading book exemption[16] (UKLA/TN/550.2)
- Aggregation of holdings[17] (UKLA/TN/551.2)
We summarise our proposals in Primary Market Bulletin No. 12[18].
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 email to [email protected]. Alternatively, send them by post to:
Marta Alonso
UKLA Department
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Please send us your comments by 11 January 2016.