Q&As

Why is there a Main Market and a Professional Securities Market on the London Stock Exchange?

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Published on LexisPSL on 17/05/2016

The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:

  • Why is there a Main Market and a Professional Securities Market on the London Stock Exchange?
  • What requirements are there on issuers wishing to list debt securities in London?
  • What is the Main Market?
  • What is the Professional Securities Market?
  • Key differences between the Main Market and the Professional Securities Market

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers?

What requirements are there on issuers wishing to list debt securities in London?

Under the Prospectus Directive 2003/71/EC and its implementing measures (and subject to a number of exemptions) a prospectus must be approved and published before:

  1. an offer of securities is made to the public within any European Economic Area (EEA) Member State, or

  2. securities are admitted to trading—ie listed—on a regulated market in any EEA Member State

What is the Main Market?

If an issuer wants to li

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