Policing and enforcement of the UK Listing Regime
Policing and enforcement of the UK Listing Regime

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Policing and enforcement of the UK Listing Regime
  • Introduction
  • The role of the FCA
  • Part 6 rules
  • Market abuse regime
  • EU origins of the listing regime
  • Enforcement guides
  • Information gathering powers
  • Information gathering and publication under the Listing Rules
  • Information gathering and publication under the Transparency Rules
  • More...

This Practice Note focuses on the policing and enforcement of the UK Listing Regime by the FCA. It covers the FCA’s powers against an issuer in relation to breach of the provisions of the Listing Rules, the Prospectus Regulation Rules, the Transparency Rules and the disclosure requirements under Articles 17, 18 and 19 of the UK Market Abuse Regulation.

Introduction

The role of the FCA

The Financial Conduct Authority (FCA) is the regulator for financial services firms and financial markets in the UK. Its powers, objectives and functions are set out in the Financial Services and Markets Act 2000 (FSMA 2000). FSMA 2000, s 1B provides that the FCA’s overarching strategic objective is ensuring that the financial markets function well.

The FCA also has the role of the UK’s competent authority for regulating admission of securities to the Official List. Its powers in this regard are set out in FSMA 2000, Pt VI which provides a separate statutory framework within which the FCA operates when it acts as the competent authority. Its rule making powers in relation to the listing regime are set out in FSMA 2000, s 73A which gives the FCA power to make:

  1. listing rules

  2. prospectus rules

  3. transparency rules, and

  4. corporate governance rules

These rules are referred to in the legislation as the FCA’s Part 6 rules.

For more information on the FCA’s functions in general see

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