The UK implementation of the EU Prospectus, Market Abuse, Transparency and other recent Directives, as well as changes in the marketplace, have reshaped the rules for companies seeking a listing in London and their continuing obligations regime.

Whilst this affects most companies on the Main Market, the Prospectus Rules and certain other rules may also apply to AIM and PLUS Markets quoted companies.

This seminar is aimed at executives who already have some experience of working with the FSA Listing Rules and wish to focus on the changes in recent years.

Course Content

New regulatory environment
EU directives
The FSA’s approach
The new regulatory structure for Official List, AIM and PLUS

Listing Rules update
Six “over-arching” listing principles
Super-equivalent requirements
Financial information
Other recent updates
Investment companies

The evolution of the Disclosure and Transparency Rules
Changes following the Market Abuse Directive
    • What constitutes inside information?
    • Delaying announcements and selective disclosure
    • Directors dealings
Changes following the Transparency Directive
    • Periodic financial reporting
    • Major shareholding notifications: Official List, AIM and PLUS
    • Dissemination and storage of regulated information
Changes following other EU Directives
    • Statutory Audit Directive
    • Company Reporting Directive

The Prospectus Rules
Objective of Prospectus Directive
Scope of Rules
    • Prospectus requirement for Official List, AIM and PLUS
    • What constitutes “public offers of securities”?
    • Possible exemptions
Contents and format of prospectuses for Official List, AIM and PLUS
CESR guidelines
Other provisions of Prospectus Rules
Changes to AIM documents when not prospectus
    • AIM PD requirements
    • Carve-outs
    • Comparison of AIM PD and Prospectus Rules for financial information

Proposed changes
The structure of the UK Listing Regime
Contracts for Differences