The FSA has made a number of changes to the Listing Rules. These changes follow on from Quarterly Consultation Paper 11/1 and came into effect on 6 June 2011.

For the most part the changes are minor and simply correct drafting errors in the Listing Rules, but there are changes in disclosure requirements and clarifications in relation to rights issues and open offers which issuers need to be aware of:  

  • Information in annual reports about DTR 5 notifications – the requirements in LR 9.8.6(2) in relation to the disclosure of DTR 5 notifications in annual reports have been clarified and expanded. An issuer is now required to include in its annual report a statement showing the interests disclosed by investors under DTR 5 as at the end of the financial year and all of the DTR 5 notifications between the end of the financial year and a date not more than one month before the date of the notice of the AGM;
  • Open offers – a new Listing Rule (LR 9.5.7A) has been added to provide that the subscription period for an open offer will be a minimum of 10 business days starting from the date on which the offer is first open for acceptance; and
  • Rights issue subscription period – LR 9.5.6 has been amended to make it clear that the 10 business day minimum period for a rights issue begins on the date on which the rights issue is first open for acceptance.

The Listing Rule changes are set out in the FSA Handbook and in FSA Instrument 2011/32 both of which are available on the FSA website. Further commentary on the changes can be found in Handbook Notice 110, which is also available on the FSA website.