LR 1.5 Standard and Premium Listing
Standard and premium listing explained
- (1)
1Under the listing rules each issuer must satisfy the requirements in the rules that are specified to apply to it and its relevant securities. In some cases a listing is described as being either a standard listing or a premium listing.
- (2)
A listing that is described as a standard listing sets requirements that are based on the minimum EU directive standards. A listing that is described as a premium listing will include requirements that exceed those required under relevant EU directives.
- (3)
Premium listing exists for equity shares 2of commercial companies, closed-ended investment funds and open-ended investment companies. Any other listing will be a standard listing.
- (4)
In one case, for equity shares 2of a commercial company, an issuer will have a choice under the listing rules as to whether it has a standard listing or a premium listing. The type of listing it applies for will therefore determine the requirements it must comply with.
- (5)
LR 5.4A provides a process for the transfer of the category of listing of equity shares.2
- (6)
In one case, for further classes of equity shares of an investment entity, the equity shares may be admitted to a standard listing provided that, and only for so long as, the issuer has a premium listing of equity shares.
2
Misleading statements about status
An issuer that is not an issuer with a premium listing of its equity shares2 must not describe itself or hold itself out (in whatever terms) as having a premium listing or make any representation which suggests, or which is reasonably likely to be understood as suggesting, that it has a premium listing or complies or is required to comply with the requirements that apply to a premium listing.