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Status: You are viewing the version of the handbook as on 2019-12-18.

LR 4.2 Contents and format of listing particulars

General contents of listing particulars

LR 4.2.1 G RP

Section 80 (1) of the Act (general duty of disclosure in listing particulars) requires listing particulars submitted to the FCA to contain all such information as investors and their professional advisers would reasonably require, and reasonably expect to find there, for the purpose of making an informed assessment of:

  1. (1)

    the assets and liabilities, financial position, profits and losses, and prospects of the issuer of the securities; and

  2. (2)

    the rights attaching to the securities.

Summary

LR 4.2.2 R RP
  1. (1)

    The listing particulars must contain a summary that complies with the requirements in articles 7 and 27(4) of the Prospectus Regulation and Chapter I of the Prospectus RTS Regulation4 (as if those requirements applied to the listing particulars).

  2. (2)

    Paragraph (1) does not apply:

    1. (a)

      in relation to specialist securities referred to in LR 4.1.1R (2); or

    2. (b)

      if, in accordance with article 7(1) of the Prospectus Regulation4, no summary would be required in relation to the securities.

Format of listing particulars

LR 4.2.3 R RP
  1. (1)

    The listing particulars must be in a format that complies with the relevant requirements in the Prospectus Regulation4 and the PR Regulation4 (as if those requirements applied to the listing particulars).

Minimum information to be included

LR 4.2.4 R RP

The following minimum information from the PR Regulation4 must be included in listing particulars:

  1. (1)

    for an issue of bonds including bonds convertible into the issuer's shares or exchangeable into a third party issuer'sshares or derivative securities1, irrespective of the denomination of the issue, the minimum information required by Annexes 7 and 15 of the PR Regulation4;1

    1
  2. (2)

    the additional information required by Annexes 17 and 18 of the PR Regulation4 where relevant;

  3. (3)

    for an issue of asset-backed securities, irrespective of the denomination per unit of the issue, the minimum information required by Annexes 9, 15 and 19 of the PR Regulation4;

    11
  4. (4)

    for an issue of certificates representing shares, irrespective of the denomination per unit of the issue, the minimum information required by Annexes 5 and 13 (for a primary issuance) of the PR Regulation4;

    112
  5. (5)

    for an issue of securities by the government of a non-EEA State or a local or regional authority of a non-EEA State, the minimum information required by Annexes 10 and 15 of the PR Regulation4; and

  6. (6)

    for all issues that are guaranteed, the minimum information required by Annex 21 of the PR Regulation4.

LR 4.2.5 G RP

For all other issues,4 the FCA would expect issuers to follow the most appropriate Annexes in the PR Regulation4 to determine the minimum information to be included in listing particulars.

Incorporation by reference

LR 4.2.6 R RP

An issuer may incorporate information by reference in the listing particulars as if article 19 of the Prospectus Regulation and the PR Regulation4 applied to the listing particulars.

Equivalent information

LR 4.2.7 R RP

An issuer may include equivalent information in listing particulars as if article 18(2) of the Prospectus Regulation4 applied to the listing particulars.

English language

LR 4.2.8 R RP

Listing particulars must be in English.

Omission of information

LR 4.2.9 G RP

Under section 82 of the Act (exemptions from disclosure) the FCA may authorise the omission from listing particulars of information on specified grounds.

LR 4.2.10 R RP

A request to the FCA to authorise the omission of specific information in a particular case must:

  1. (1)

    be in writing from the issuer;

  2. (2)

    identify the specific information concerned and the specific reasons for the omission; and

  3. (3)

    state why in the issuer's opinion one or more of the grounds in section 82 of the Act applies.

LR 4.2.11 R RP

For the purposes of section 82(1)(c)3 of the Act, specialist securities are specified.

Responsibility for listing particulars

LR 4.2.12 G RP

Part 3 of the Financial Services and Markets Act 2000 (Official Listing of Securities) Regulations 2001 (SI 2001/2956) sets out the persons responsible for listing particulars. In particular, in those regulations:

  1. (1)

    regulation 6 specifies who is generally responsible for listing particulars; and

  2. (2)

    regulation 9 modifies the operation of regulation 6 in relation to specialist securities.

LR 4.2.13 R RP
  1. (1)

    In the case of listing particulars for specialist securities:

    1. (a)

      the issuer must state in the listing particulars that it accepts responsibility for the listing particulars;

    2. (b)

      the directors may state in the listing particulars that they accept responsibility for the listing particulars; and

    3. (c)

      other persons may state in the listing particulars that they accept responsibility for all or part of the listing particulars and in that case the statement by the issuer or directors may be appropriately modified.

  2. (2)

    An issuer that is the government of a non-EEA State or a local or regional authority of a non-EEA State is not required under paragraph (1)(a) to state that it accepts responsibility for the listing particulars.