The UKLA has published frequently asked questions on the changes to the Listing Regime that will become effective from 6 April 2010.
The FAQs are structured under three headings:
- General. This covers basic questions including what it means to have a ‘London Listing’ and the role of the FSA.
- Structure of the Listing Regime. This includes what are a ‘Standard Listing’ and a ‘Premium Listing’ and whether securities/shares can move between the listing categories.
- Requirements and changes. This covers the main changes coming into effect on 6 April 2010. This includes whether listed companies have to offer pre-emption rights and also whether they have to comply with the UK Combined Code.
The FAQs also contain two tables:
- Table 1 sets out the main differences between a Premium Listing of equity shares and a Standard Listing of shares.
- Table 2 provides an overview of the structure of the FSA’s Listing Rules, Prospectus Rules and Disclosure and Transparency Rules.
The FAQs do not constitute FSA guidance and should be read in conjunction with the relevant Discussion Paper, Consultation Papers and Policy Statement relating to the rules, as well as the relevant sections of the FSA Handbook.