The Listing Rules (LR) are a set of regulations applicable to any company listed on a

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for t ...

, subject to the oversight of the

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financ ...

(FCA). The Listing Rules set out mandatory standards for any company wishing to list its shares or securities for sale to the public, including principles on executive pay and the requirement to

comply or explain Comply or explain is a regulatory approach used in the United Kingdom, Germany, the Netherlands and other countries in the field of corporate governance and financial supervision. Rather than setting out binding laws, government regulators (in ...

noncompliance with the UK Corporate Governance Code, the requirements of information in a prospectus before an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

of shares, new share offers, rights issues, disclosure of price sensitive information, or

takeover In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to ...

bids for companies.

Overview

*LR 1, Preliminary: All securities *LR 2, Requirements for listing: All securities *LR 3, Listing applications: All securities *LR 4, Listing particulars for professional securities market and certain other securities: All securities *LR 5, Suspending, cancelling and restoring listing: All securities *LR 6, Additional requirements for premium listing (commercial company) *LR 7, Listing principles: Premium listing *LR 8, Sponsors: Premium listing *LR 9, Continuing obligations *LR 10, Significant transactions: Premium listing *LR 11, Related party transactions: Premium listing *LR 12, Dealing in own securities and treasury shares: Premium listing *LR 13, Contents of circulars: Premium listing *LR 14, Standard listing (shares) *LR 15,

Closed-ended investment fund Closed-ended may refer to: * Closed-end fund * Closed-ended question A closed-ended question refers to any question for which a researcher provides research participants with options from which to choose a response. Closed-ended questions are som ...

s: Premium listing *LR 16, Open-ended investment companies: Premium listing *LR 17,

Debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...

and debt-like securities: Standard listing *LR 18, Certificates representing certain securities: Standard listing *LR 19, Securitised

derivative In mathematics, the derivative of a function of a real variable measures the sensitivity to change of the function value (output value) with respect to a change in its argument (input value). Derivatives are a fundamental tool of calculus. ...

s: Standard listing *LR 20, Miscellaneous securities: Standard listing *LR App 1, Relevant definitions *LR App 2, Fees and financial penalty income *LR App 3, List of regulatory information services *LR transchedule, Transitional Provisions

History

The

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

has had a long tradition of

self-regulation Self-regulation may refer to: *Emotional self-regulation *Self-control, in sociology/psychology *Self-regulated learning, in educational psychology *Self-regulation theory (SRT), a system of conscious personal management *Industry self-regulation, ...

. Previous versions of the same kinds of rules were known as the rules on "Admission of Securities to Quotations" or "Admission of Securities to Listing". In October 2010 the former UK Listing Authority operated as part of the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 19 ...

, however after the FSA's abolition, it became part of the newly formed

, and since 2017 the reference to the UKLA as a separate body has been phased out.

Notes

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External links

The Listing Rules, in the FSA HandbookHistorical Listing Rules at fsa.gov.uk
United Kingdom company law

Overview

History

See also

Notes

External links