The FSA has published a practitioner's guide to listing wholesale debt in London.

The Prospectus Directive distinguishes between debt securities that are meant for retail investors and those that are meant for wholesale investors. The distinction comes in the form of the minimum denomination of the securities. Debt securities that have a minimum denomination of at least EUR 50,000 are considered to be wholesale.

The purpose of the guide is to draw together the FSA rules that apply, in the majority of cases, to wholesale debt so that they may be seen in isolation from the other requirements of the Prospectus and Listing Rules that do not relate to wholesale securities. The guide contains the following sections:

  • Pre-Prospectus vetting stage.
  • Prospectus vetting stage.
  • Post-Prospectus vetting stage.
  • Continuing obligations - Periodic financial reporting and annual information update.
  • Disclosure and control of inside information.
  • Miscellaneous.
  • The Professional Securities Market.
  • CESR.

View Listing Wholesale Debt in London - a practitioner's guide, 12 January 2010