LR 19.4 Continuing obligations
Application
An issuer that has only securitised derivative listed is subject to the continuing obligations set out in this chapter.
An issuer that has both securitised derivatives and other securities listed is subject to the continuing obligations set out in this chapter and the continuing obligations that are applicable to the other securities so listed.
Admission to trading
- (1)
An issuer's listed securitised derivatives must be admitted to trading on a RIE's market for listed securities at all times.
- (2)
An issuer must inform the FSA in writing as soon as possible if it has:
- (a)
requested a RIE to admit or re-admit any of its listed securitised derivatives to trading; or
- (b)
requested a RIE to cancel or suspend trading of any of its listed securitised derivatives; or
- (c)
been informed by a RIE that the trading of any of its listed securitised derivatives will be cancelled or suspended.
- (a)
Equality of treatment
An issuer must ensure equal treatment for all holders of listed securitised derivatives of the same series in respect of all rights attaching to such securitised derivatives.
Annual accounts
- (1)
Annual accounts must be drawn up and be independently audited.
- (2)
If an issuer prepares both own and consolidated annual accounts, it may publish either form provided that the unpublished accounts do not contain any significant additional information.
If an issue is guaranteed by an unlisted company, an issuer must submit the guarantor's accounts to the FSA.
The FSA may dispense with LR 19.4.5 R and LR 19.4.6 R if:
- (1)
the issue is guaranteed;
- (2)
the guarantor is a listed company;
- (3)
the issuer is included in the consolidated accounts of the guarantor;
- (4)
no other requirement for the preparation of annual reports and accounts exists; and
- (5)
non-publication of the issuer's accounts would not be likely to mislead the public with regard to facts and circumstances, knowledge of which is essential for the assessment of the securitised derivatives in question.
Paying agent
An issuer must maintain a paying agent in the United Kingdom until the maturity date of the securitised derivatives unless the issuer:
- (1)
provides financial services; and
- (2)
itself performs the function of a paying agent in the United Kingdom.
Settlement arrangements
- (1)
An issuer must ensure that appropriate settlement arrangements for its listed securitised derivatives are in place.
- (2)
Listed securitised derivatives must be eligible for electronic settlement, which includes settlement by a relevant system, as that term is defined in the Uncertificated Securities Regulations 1995 (SI 1995/3272).
Disclosure Rules
An issuer must comply with DTR 2.1 to DTR 2.7 as if it were an issuer for the purposes of the disclosure rules and transparency rules.
Documents of title
An issuer must comply with the requirements in LR 9.5.15 R (temporary documents of title) and LR 9.5.16 R (definitive documents of title) so far as relevant to securitised derivatives.