Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

LR 12.3 Purchase from a related party

LR 12.3.1RRP

Where a purchase by a listed company of its own equity securities or preference shares is to be made from a related party, whether directly or through intermediaries, LR 11 (Related party transactions) must be complied with unless:

  1. (1)

    a tender offer is made to all holders of the class of securities; or

  2. (2)

    in the case of a market purchase pursuant to a general authority granted by shareholders, it is made without prior understanding, arrangement or agreement between the listed company and any related party.

LR 12.3.2R

1Where a purchase by a listed company of its own equity securities or preference shares is to be made from a related party which is a sovereign controlling shareholder or an associate of a sovereign controlling shareholder, the modifications to LR 11 (Related party transactions) in LR 21.5 (Transactions with related parties: Equity shares) and LR 21.10 (Transactions with related parties: Certificates representing shares) do not apply for the purposes of LR 12.3.1R.