On 27 July 2012, the Financial Services Authority (‘FSA’) issued Handbook Notice 122 announcing, among other things, changes to the Listing Rules and the Disclosure and Transparency Rules. The changes include the following:

Listing Rules: related party transactions: the changes, which came into force on 1 August 2012, relate to the definition of ‘substantial shareholder’ and provide that a person’s voting rights will be disregarded if the relevant securities are held only for a period of five trading days or less, provided that no voting rights have been exercised and no attempt made to influence the company’s management.

Listing Rules (Related Party Transactions) Instrument 2012 available at: http://media.fsahandbook.info/Legislation/2012/2012_41.pdf

Listing Rules: contact with the FSA: the changes, which come into force on 30 September 2012, mean that the helpdesk of the United Kingdom Listing Authority (‘UKLA’) will not accept requests for advice on a ‘no names’ basis. (The UKLA has, in fact, been operating this policy since March of this year). Submissions to the FSA must be made in writing, except in cases of exceptional urgency or if the submission comes from a sponsor and relates to the provision of a sponsor service.

Listing Rules (Contact with the FSA) Instrument 2012 available at: http://media.fsahandbook.info/Legislation/2012/2012_42.pdf

FSA handbook Notice 122 available at: http://www.fsa.gov.uk/static/pubs/handbook/hb-notice122.pdf