Our team maintains close communication with issuers and advisers to facilitate the listing process. Our good working relationship with the UKLA ensures that the issuers understand the requirements (see the table below for the main requirements) and process and that they receive prompt attention.
Listing debt is a two-stage process. In the first instance, the UKLA admits debt securities to its Official List after approving the prospectus or the listing particulars. Then application for admission to trading is made to the Exchange. The process is designed to be as efficient and transparent as possible.
The UKLA follows a clear schedule when approving a prospectus or listing particulars for debt securities, under which first comments will be provided within 4 working days for most issues. Every application for the listing of debt securities in London will be allocated a dedicated reader, which enables continual information sharing and easy access to the UKLA.
Additionally, the UKLA has a specialist Central Debt Desk (CDD), with a primary responsibility for reviewing documentation for debt securities under a fast track regime.
Admission to trading
The process of admitting securities for trading by the Exchange once they are admitted to the Official List by the UKLA takes no longer than 2 clear working days.
Once the securities are admitted to trading, the issuer must observe certain ongoing obligations with regard to inside information, the dissemination of relevant information, and the publication of annual accounts. For more information see the Being on market page in this section.
Comparison of admission requirements for the Main Market and PSM
|
|
Main Market |
PSM |
|
£200,000 minimum market value of securities |
Yes |
Yes |
|
Types of securities |
Any type of debt security (retail and wholesale disclosure) |
All types of debt securities |
|
Sponsor |
Not required |
Not required |
|
Prospectus |
Full prospectus (PR) |
Listing particulars (LR4) |
|
Accounting standard |
Local GAAP for denominations >EUR 50,000* |
Local
GAAP |
|
IFRS for denominations <EUR 50,000* |
|
Financial information |
Latest two years of audited accounts (or such shorter period since has been in operation) |
Latest two years of audited accounts (or such shorter period since incorporation) |
|
Adherence to Exchange’s Admission and Disclosure Standards |
Yes |
Yes |
|
Clearance and settlement must be defined |
Yes |
Yes |
*Wholesale denomination issuers from EEA which produce consolidated accounts need to adopt IFRS
**or equivalent for any financial year on or after 20 Jan 2007