Press releases 1999

4 October 1999

NEW ARRANGEMENTS FOR UK LISTING AUTHORITY

The London Stock Exchange today announced the next stage in its strategy of implementing a more commercial basis of operations.

Following its earlier announcement (30 July) that it will be moving from its current mutual ownership to a new basis of owning its shares, the Exchange has been in discussions with HM Treasury about its statutory role as UK Competent Authority for Listing. In the light of the new ownership structure the Exchange intends to create, the Treasury has agreed with the Exchange that it would be appropriate for the role of Listing Authority to be transferred and that the Financial Services Authority (FSA) will become UK Competent Authority for Listing.

The Exchange said: "We welcome the Chancellor's recognition of the manner in which the Exchange has managed its responsibilities as UK Listing Authority and will work closely with the Treasury and the FSA over the coming months to ensure a smooth and seamless transfer of Listing Authority responsibilities."

Following the transfer, the Exchange will be working closely with the FSA in its new role as Listing Authority to ensure that the London market continues to provide highly effective and competitive services to meet the needs of domestic and international issuers and investors. In addition, the Exchange will continue to have its own requirements for companies quoted on its markets, including the right to decide whether or not to admit a listed security to trading and to make and enforce its own rules.