The FCA has published the 12th edition of its Primary Market Bulletin (PMB 12). As well as news updates including the FCA's joint response with the Treasury on changes to the Disclosure Rules (see the article above for more detail on this), it includes a consultation on proposed changes to the Knowledge Base - the UKLA’s repository of non-handbook commentary that has the status of formal FCA guidance. The consultation concerns:

  • amendment of the procedural note on public offer prospectuses – drafting and approval,
  • the re-consultation of a new technical note on the application of related party rules to funds investing in highly illiquid asset classes, and
  • the amendment of 14 existing technical notes: Listing Principle 2 – dealing with the FCA in an open and cooperative manner; equivalence arrangements for third country issuers; exemptions from the periodic reporting requirements; scope and application of vote holder and issuer notification rules; issuer's obligations; shareholder obligations; third country equivalent obligations; changes in holdings; voting rights that are disregarded for notification purposes; aggregation of managed holdings; market makers; asset managers; trading book exemption; and aggregation of holdings.

Comments should be received by the FCA by 11 January 2016. To read PMB 12 in full, click here.