The following Share Incentives guidance note provides comprehensive and up to date legal information covering:
Brexit: For details of the potential impact of Brexit on the Listing Rules, see Practice Note: Brexit—UK listing and prospectus regime.
This practice note sets out the specific Listing Rules with which a company with a ‘premium listing’ of equity shares on the Official List of the London Stock Exchange must comply in relation to employee share arrangements. This note also considers the circumstances in which employee share arrangements are exempted from the Listing Rules.
The Listing Rules are published by the Financial Conduct Authority (FCA) and are published in the FCA Handbook.
A premium listing on the Stock Exchange means that the company has to comply with additional listing rules requirements, over and above those which apply to a standard listing, in particular the continuing obligations set out in Listing Rule 9.
A requirement for admission to listing is that a company’s shares must all be fully paid and be free from any liens and from any restrictions on the right of transfer. The related tax rules governing the conditions for the four main types of statutory tax advantaged employees’ share schemes: enterprise management incentive (EMI) schemes, save as you earn (SAYE) schemes, share incentive plans (SIP) and company share option plans (CSOPs) all also require the relevant
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