On December 1, the UK Financial Services Authority (FSA) published CP08/21 Consultation on amendments to the Listing Rules and feedback on DP08/1, a feedback statement following its review of the UK listing regime published in January 2008. The paper proposes further changes to the UK regime so that relevant listing rules are clearly marked as "Premium" or "Standard" in order to ensure that issuers understand their obligations under the regime.
The requirements for a Standard listing (currently called a Secondary listing) are derived from the EU Prospectus Directive, Disclosure and Transparency Rules and Consolidated Admissions and Reporting Directive. "Premium" listings will have to meet UK standards that are super-equivalent to the EU requirements.
The proposed "Standard" listing will cover issues of equities (excluding issues by investment entities), Global Depository Receipts and Debt and Securitized derivatives, as such issues are only required to comply with EU minimum standards.
The Premium segment will only be open to equity securities issued by commercial companies and closed and open-ended investment entities. Premium and Standard listings will be available to both UK and overseas companies.
The FSA expects to provide further feedback in the summer of 2009.