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LR 19.4 Continuing obligations

Application

LR 19.4.1RRP

An issuer that has only securitised derivative listed is subject to the continuing obligations set out in this chapter.

LR 19.4.2RRP

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

LR 19.4.3RRP
  1. (1)

    An issuer's listed securitised derivatives must be admitted to trading on a RIE's market for listed securities at all times.

  2. (2)

    An issuer must inform the FSA in writing as soon as possible if it has:

    1. (a)

      requested a RIE to admit or re-admit any of its listed securitised derivatives to trading; or

    2. (b)

      requested a RIE to cancel or suspend trading of any of its listed securitised derivatives; or

    3. (c)

      been informed by a RIE that the trading of any of its listed securitised derivatives will be cancelled or suspended.

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LR 19.4.4R

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LR 19.4.5R

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LR 19.4.6R

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LR 19.4.7RRP

If an issue is guaranteed by an unlisted company, an issuer must submit the guarantor's accounts to the FSA.

LR 19.4.8R

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LR 19.4.9R

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Settlement arrangements

LR 19.4.10RRP
  1. (1)

    An issuer must ensure that appropriate settlement arrangements for its listed securitised derivatives are in place.

  2. (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).

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Disclosure Rules and Transparency Rules1

LR 19.4.11RRP

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.

LR 19.4.11AGRP

1An issuer, whose securities are admitted to trading on a regulated market, should consider its obligations under DTR 4 (Periodic financial reporting), DTR 5 (Vote holder and issuer notification rules) and DTR 6 (Access to information).

LR 19.4.11BRRP

1For the purposes of compliance with the transparency rules, the FSA considers that an issuer of securitised derivatives should comply with DTR 4, DTR 5 and DTR 6 as if it were an issuer of debt securities as defined in the transparency rules.

LR 19.4.11CGRP

1An issuer that is not already required to comply with the transparency rules must comply with DTR 6.3 as if it were an issuer for the purposes of the transparency rules.

Documents of title

LR 19.4.12RRP

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.