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 North ...

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 th ...

, subject to the oversight of the

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulation, 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). 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 Executive compensation is composed of both the financial compensation (executive pay) and other non-financial benefits received by an executive from their employing firm in return for their service. It is typically a mixture of fixed salary, variab ...

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 th ...

noncompliance with the

UK Corporate Governance Code The UK Corporate Governance code, formerly known as the Combined Code (from here on referred to as "the Code") is a part of UK company law with a set of principles of good corporate governance aimed at companies listed on the London Stock Exchang ...

, 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 investment ...

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 t ...

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 transaction In business, a related party transaction is a transaction which takes place between two parties who hold a pre-existing connection prior to the transaction. An example is how a dominant shareholder may benefit from making one of their companies trad ...

s: Premium listing *LR 12, Dealing in own securities and

treasury shares A treasury stock or reacquired stock is stock which is bought back by the issuing company, reducing the amount of outstanding stock on the open market ("open market" including insiders' holdings). Stock repurchases are used as a tax efficient ...

: 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 so ...

s: Premium listing *LR 16,

Open-ended investment companies An open-ended investment company (abbreviated to OEIC, pron. ) or investment company with variable capital (abbreviated to ICVC) is a type of open-ended Collective investment scheme, collective investment formed as a corporation under the Open-Ended ...

: 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. F ...

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. 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 financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...

, 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

{{reflist

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