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LR 5.4 Restoring listing

Revoking a cancellation of listing

LR 5.4.1G

If an issuer has the listing of its securities cancelled, it may only have them readmitted to the official list by re-applying for their listing.

Restoring a listing that is suspended

LR 5.4.2R

The FCA may restore the listing of any securities that have been suspended if it considers that the smooth operation of the market is no longer jeopardised or if the suspension is no longer required to protect investors. The FCA may restore the listing even though the issuer does not request it.

Requests to restore

LR 5.4.3G
  1. (1)

    An issuer that has the listing of any of its securities suspended may request the FCA to have them restored.

  2. (2)

    The request should be made sufficiently in advance of the time and date the issuer wishes the securities to be restored.

  3. (3)

    Requests received for when the market opens should allow sufficient time for the FCA to deal with the request.

  4. (4)

    The request may be an oral request. The FCA may require documentary evidence that the events that lead to the suspension are no longer current (for example, financial reports have been published or an appropriate announcement has been made) to process the request.

  5. (5)

    Even if restoration is required urgently, it will normally take up to 30 minutes to be effected.

  6. (6)

    The FCA will issue a dealing notice on a RIS announcing the restoration.

Refusal of request to restore

LR 5.4.4R

The FCA will refuse a request to restore the listing of securities if it is not satisfied of the matters set out in LR 5.4.2 R.

Withdrawal of a request to restore securities

LR 5.4.5G
  1. (1)

    If an issuer has requested the FCA to restore the listing of any securities, it may withdraw its request at any time while the securities are still suspended. The withdrawal request should initially be made by telephone and then confirmed in writing as soon as possible.

  2. (2)

    Even if a request to restore has been withdrawn, the FCA may restore the listing of securities if it believes the circumstances justify it.

Restoring listing of securitised derivatives

LR 5.4.6G
  1. (1)

    If an underlying instrument is restored, the securitised derivative's listing will normally be restored.

  2. (2)

    For a securitised derivative relating to a basket of underlying instruments that has been suspended, the securitised derivative's listing may be restored by the FCA, irrespective of whether or not the underlying instrument has been restored, if:

    1. (a)

      the issuer of the securitised derivative confirms to the FCA that despite the relevant underlying instrument(s) suspension a market in the securitised derivative will continue to be made; and

    2. (b)

      the FCA is satisfied that restoring the securitised derivative is not inconsistent with either the protection of investors or the smooth operation of the market.

LR 5.4.7G

1For a miscellaneous security that carries a right to buy or subscribe for another security, the miscellaneous security's listing will be restored if the security over which the miscellaneous security carries a right to buy or subscribe is restored.