The UKLA Knowledge Base has been updated with the guidance set out in Primary Market Bulletin No. 17.
Dates of consultation
March 2016, April 2016, June 2016
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 Guidance and Transparency Rules.
We have made the following changes to the Knowledge Base, which we proposed in PMB No. 13, PMB No. 14, and PMB No. 16:
The amendment of six existing procedural notes
- Eligibility process (UKLA/PN/901.3)
- Listing securities via final terms (UKLA/PN/902.2)
- Review and approval of documents (UKLA/PN/903.3)
- Public offer prospectus - drafting and approval (UKLA/PN/904.3)
- Passporting (UKLA/PN/905.2)
- Additional powers to supervise sponsors (UKLA/PN/910.2)
The amendment of 12 existing technical notes
- Delaying disclosure/dealing with leaks and rumours (UKLA/TN/520.2)
- Compliance with the Listing Principles and Premium Listing Principles (UKLA/TN/203.3)
- Reverse takeovers (UKLA/TN/306.3)
- Related party transactions - Modified requirements for smaller related party transactions (UKLA/TN/308.3)
- Preliminary statement of annual results (UKLA/TN/502.2)
- Assessing and handling inside information (UKLA/TN/521.3)
- Disclosure of 'lock-up' agreements (UKLA/TN/522.2)
- Final Terms (UKLA/TN/629.3)
- Significant change statements (UKLA/TN/628.2)
- The sponsor's role on working capital confirmations (UKLA/TN/704.3)
- Additional powers to supervise and discipline sponsors (UKLA/TN/712.2)
- Sponsors: Guidance on the competence requirements set out under LR8.6.7R(2)(b) (UKLA/TN/714.2)
The addition of seven new technical notes
- Reverse takeover and uncapped consideration (UKLA/TN/314.1)
- Financial information on guarantors in debt prospectuses and requests for omission (UKLA/TN/634.1)
- Shareholder votes in relation to hypothetical transactions (UKLA/TN/312.1)
- Removal from the Official List of listed equity shares of individual funds of Open-Ended Investment Companies (OEICs) (UKLA/TN/424.1)
- Open-Ended Investment Companies and transfer restrictions (UKLA/TN/425.1)
- Sponsors: Application of principle to deal with the FCA in an open and co-operative manner (UKLA/TN/713.1)
- Sponsors: Record Keeping Requirements (UKLA/TN/717.1)
The deletion of three existing technical notes
- Share buy-back programmes (UKLA/TN/201.1)
- Close periods (UKLA/TN/505.1)
- Transactions by persons discharging managerial responsibilities and their connected persons (UKLA/TN/540.2)
Response to feedback
We received feedback on our proposals relating to four of these notes. We summarise the feedback received in Primary Market Bulletin No. 17.
Background guidance consultations
Primary Market Bulletin No. 13 consultation
Primary Market Bulletin No. 14 consultation
Primary Market Bulletin No. 16 consultation