A dispensation or modification may be either unconditional or subject to specified conditions.
If an issuer or sponsor has applied for, or been granted, a dispensation or modification, it must notify the FCA immediately it becomes aware of any matter which is material to the relevance or appropriateness of the dispensation or modification.
The FCA may revoke or modify a dispensation or modification.
The application must:
contain a clear explanation of why the dispensation or modification is requested;
include details of any special requirements, for example, the date by which the dispensation or modification is required;
contain all relevant information that should reasonably be brought to the FCA's attention;
contain any statement or information that is required by the listing rules to be included for a specific type of dispensation or modification; and
include copies of all documents relevant to the application.
An application to dispense with or modify a listing rule should ordinarily be made:
If an issuer applies to the FCA to dispense with or modify a listing rule on the basis that it is in severe financial difficulty, the FCA would ordinarily expect the issuer to comply with the conditions in LR 10.8 (to the extent relevant to the particular rule for which the dispensation or modification is sought). In particular, the FCA would expect the issuer to comply with those conditions that are directed at demonstrating that it is in severe financial difficulty.
2Where a listing rule refers to consultation with the FCA, submissions should be made in writing other than in circumstances of exceptional urgency or in the case of a submission from a sponsor in relation to the provision of a sponsor service.
Address for correspondence
Note:The FCA's address for correspondence is:
The Financial Conduct Authority
12 Endeavour Square3
London, E20 1JN3
Tel: 020 7066 8333