Rules and regulations
The principal initial and ongoing regulatory considerations for a Main Market company include the requirements of the UK Listing Authority (UKLA) and the London Stock Exchange’s Admission and Disclosure standards.
Before your company joins the Main Market, it is important to understand the different roles which the Exchange and the Financial Services Authority play in the listing and trading of shares in London. In its role as the UKLA, the Financial Services Authority has a legal obligation to oversee the listing process, to assess issuers' eligibility and to ensure that its rules are met. This involves the UKLA reviewing and approving the prospectus or listing particulars. This document – which will be submitted to the UKLA by your sponsor – primarily contains information on the company and its business, and must satisfy the UKLA’s Listing Rules and Prospectus Rules.
The UKLA maintains a dialogue with your company’s advisers until the relevant eligibility requirements are met. In parallel to the UKLA’s application process, you must apply to the Exchange to have your company’s securities admitted to trading on its markets and meet the requirements of the Exchange's Admission and Disclosure Standards. The Exchange works to ensure your company receives the maximum benefit from being traded on its markets. If you are considering applying to join the Main Market you should contact the Exchange as early as possible so that we can assist you through the admission process.
Admission to listing becomes effective only when all the relevant documents have been approved by the UKLA, and the decision to list the securities and admit them to trading has been announced jointly by the Exchange and the UKLA.Once your company is listed, it becomes subject to the continuing obligations which apply to all listed companies. These obligations include a range of requirements, such as ensuring that information which might affect the share price is made available to all investors at the same time, and that financial results are released on a timely basis in an acceptable format.
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