In its quarterly consultation paper (CP12/5), published on 7 March 2012, the Financial Services Authority (‘FSA’) has proposed certain changes to the Listing Rules (‘LR’) and to the Disclosure and Transparency Rules (‘DTR’). The changes, which appear in Chapter 7 of the consultation paper, include the following:  

  • LR 11 (related party transactions): an amendment to the definition of ‘substantial shareholder’ for the purposes of LR 11 will exclude from the operation of LR 11 cases where a shareholder holds more than 10% of the shares in an issuer where shares are held for a short period only and the holding is incidental to the arrangement of transactions for other parties; and  
  • amendments to the LR and DTR to reflect the proposal that the UKLA helpdesk should cease to accept requests for individual guidance on a “no names” basis. Where individual guidance is sought, a submission should be made in writing (save in cases of exceptional urgency).  

Responses to Chapter 7 of the consultation are requested by 6 May 2012. In the meantime, however, the FSA announced on 21 March 2012 (in the first edition of its Primary Market Bulletin which replaces List!) that its helpdesk staff will no longer accept calls from individuals who are unwilling to disclose their own or their firm’s contact details and that the FSA expects to implement its proposals on individual guidance set out in CP12/5 on 1 September 2012.  

FSA Consultation Paper: Quarterly Consultation: CP12/5 (no. 32) available at:

Primary Market Bulletin Edition: March 2012: issue no. 1 available at: