Introduction to the FSA Listing Rules (Purple Book)

Course Overview

Participants will learn about the general principles which underpin the new Prospectus Rules, Listing Rules and Disclosure Rules and be taught about the concepts which are involved in their practical application regarding obtaining listings and executing further transactions.

They will gain a strong understanding of the role of the sponsor, the conditions and methods of listing, the listing procedures and the contents of listing particulars and all aspects of continuing obligations.

They will appreciate how the EU Prospectus Directive has been applied in the preparation of the new rulebooks which replaced the existing FSA Listing Rules in 2005, learn about the consequences of the Transparency Directive which took effect in 2007 and the introduction of standard and premium listings in 2010.

Course Content

Listing of Securities in Europe – the New Regime

• The EU Prospectus Directive, Market Abuse Directive and Transparency Directive
• Standard and premium listings

Listing Rules

• Listing principles
• Requirements for listing
  • Principal conditions
  • Three year track record
  • Special types of issuer
• Listing application
• Suspension, cancellation and restoration of a listing
• Sponsors
  • Role and responsibility
  • Criteria for approval
• Continuing obligations
  • Model Code
  • Shareholder rights issues
  • Documents requiring prior approval
  • Methods of listing (initial and subsequent)
• Significant transactions
  • The Class tests
  • Break fee rules
• Related party transactions
• Share buy-backs
• Specialist areas covered by the listing rules

The Disclosure and Transparency Rules

• Principal concepts
• Disclosure and control of inside information by issuers
• Annual reports, interim reports and interim management statements
• Disclosure of holdings

Prospectus Rules

• Requirement to produce a prospectus
• Drawing up a prospectus
• Approval and publication of a prospectus
• Third country issuers
• The “Building Blocks” concept

Key Differences with AIM

Delivering this course in-house for you to a number of participants could be very cost effective. Please call us on 020 7387 4484 to discuss this further.

If you have any questions about this seminar please write to us at post@redcliffetraining.co.uk.