In the second edition of its Primary Market Bulletin, the United Kingdom Listing Authority (‘UKLA’) has launched a consultation on its revised Technical and Procedural Notes on the Listing Rules, Prospectus Rules and Disclosure and Transparency Rules. The UKLA has up-dated the Notes, which were first published in October 2010, to reflect changes in law, regulation and market practice. It also proposes to re-organise the Notes on a topic related basis.
The new Notes comprise eight Technical Notes and three Procedural Notes. The topics covered by the Technical Notes include equality of treatment, certain aspects of smaller related party transactions and guidance on the approval of circulars. The new Procedural Notes include an explanation of the UKLA’s approach to block listings. The finalised version of the new Technical and Procedural Notes will have the status of formal Financial Services Authority guidance under section 157 of the Financial Services and Markets Act 2000.
Responses to the consultation were requested by 24 August 2012.
UKLA Primary Market Bulletin, Edition no. 2 available at: http://www.fsa.gov.uk/pubs/ukla/ukla-bulletin-no2.pdf