FSA Listing Rules Update
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Description and objective: Course Overview
This seminar is aimed at executives who already have some experience of working with the current FSA Listing Rules.
Further to the implementation of the EU Prospectus Directive, major changes will be made to the rules for securities seeking listing and the continuing obligations regime, with new rule books being introduced replacing the current “Purple Book”.
This seminar is designed to teach participants about these rule changes and the likely practical effect of their introduction.
Course Content
Introduction
Background to the Rule changes
The Listing Review
Prospectus Directive
The FSA’s approach
The new regulatory structure
Regulated market
AIM and OFEX
Super-equivalent standards
Changes resulting from the Listing Review
Six new “over-arching” listing principles
Objectives
Applicability
Sponsor Regime
The requirement for companies to have a sponsor
Clarifying the role and obligations of a sponsor
Increased supervision of sponsors
Strengthening the enforcement procedures
Super-equivalent requirements retained
Eligibility
Continuing obligation
Financial information
Rules on presentation outside the scope of the Prospectus Directive
Model Code
“Persons discharging managerial responsibility”
Simplification
Debt and specialist securities
Aligning the requirements for debt
Establishing a listing particulars regime for issuers of Specialist Securities
Overseas issuers
Rules for overseas primary listed issuers
Exceptions
Changes resulting from the Prospectus Directive
Scope of Rules
Extension to include public offers of securities
Prospectus requirements
Contents and format of prospectuses
Allowing incorporation by reference
Allowing the use of three part prospectuses
Exemptions from the requirement to produce prospectuses
Passport rights
Ability to passport prospectuses
Third country issuers
Determination of home member state for non-EU issuers
Approval of prospectuses
Other provisions
The restructuring of the sourcebook
The Listing Rules
The Disclosure Rules
The Prospectus Rules
Comparison of old and new sourcebook
Further changes
Changes to the UK legislative framework for public offers
Definition of public offer
POS Regulations
Offers to fewer than 100 persons
Responsibility and compensation
Qualified investors
Publication of prospectus
Changes arising from the Transparency Directive
Continuing financial reporting
Disclosure of major shareholdings
Issuer information
Access to information on issuers and securities
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| Phone | +44 (0)20 7631 2090 When calling be sure to mention Training Pages
| Fax | +44 (0)20 7631 2060 |
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