Dates                                                                                         
 
29 May 2008
15 September 2008
10 December 2008
10 February 2009
21 May 2009
22 September 2009

 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 July 2005, and learn about the consequences of the Transparency Directive which took effect in January 2007.
 

 Course Content

 Listing of Securities in Europe – the New Regime
The EU Prospectus Directive
The EU Market Abuse Directive
The EU Transparency Directive

 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