Requirements for listing on the Official List of the Financial Conduct Authority
Requirements for listing on the Official List of the Financial Conduct Authority

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

  • Requirements for listing on the Official List of the Financial Conduct Authority
  • Standard listing segment
  • Premium listing segment
  • Requirements for listing: all securities
  • The applicant
  • The securities
  • Approval of prospectus
  • Shares to be held by the 'public'
  • Additional requirements for a premium listing (commercial company)
  • Historical financial information
  • More...

This Practice Notice focuses on the two segments of the UK listing regime (standard and premium). It details the general listing requirements (for both a standard listing and a premium listing) and the super equivalent requirements for a premium listing (commercial company) which are set out in the Listing Rules. It also provides details of the concessionary routes to premium listing for mineral companies, scientific research based companies and property companies.

The UK listing regime has two listing segments: 'standard' and 'premium', each of which is divided into a number of categories. A company must comply with the requirements that are applicable to the category under which it is listing.

Standard listing segment

The standard listing segment has five security categories:

  1. shares, other than:

    1. equity shares issued by a company that is an investment entity unless such entity has a premium listing of a class of equity shares, and

    2. preference shares that are specialist securities, ie securities which are normally bought and traded by a limited number of investors who are particularly knowledgeable in investment matters

  2. certificates representing certain securities, eg global depository receipts

  3. debt and debt-like instruments eg, debt securities, asset-backed securities, certificates representing debt securities, or convertible securities or preferences shares that are specialist securities

  4. securitised derivatives (whether retail, specialist or derivative products specifically approved by the Financial Conduct Authority (FCA)), and

  5. miscellaneous

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