Technical Notice and Guidance

The Early Notification requirement for the London Stock Exchange Main Market for Fixed Income Issuers and their Advisors

• London Stock Exchange Notice 19/22, published on 10 October 2022, provides an update on the Early Notification (EN) requirements for the Main Market and Professional Securities Market.
• From 9 November, all debt issuances which require the submission of an eligibility letter or checklist to the Listing Transactions team of the FCA need to submit an EN form to the London Stock Exchange at least five days prior to admission
• An EN form is required for the following transactions seeking admission to the Main Market and Professional Securities Market:
  • new standalone issues;
  • a new programme facility; and
  • confirmation of eligibility of a prospectus exempt-issuer that does not have any securities currently admitted to the Main Market
• An EN form is not required for drawdowns under an FCA approved Main Market or Professional Securities Market programme or for admissions to ISM.

Following SEN N19/22, this technical notice provides additional information for issuers of fixed income securities and advisors in respect of the Early Notification requirement for the Main Market and Professional Securities Market.

From 9 November, issuers or their advisors must follow Rule 2.16 of the Admissions and Disclosure Standards.

This requires that all debt issuances, which require the submission of an eligibility letter or checklist to the Listing Transactions team of the FCA, need to submit an Early Notification via the relevant EN form to en@lseg.com at least five days prior to admission.

The new EN requirement covers issuances under a new standalone and the establishment of a new programme facility that would need the approval of the FCA for admission to the Official List and the LSE for admission to the Main Market and Professional Securities Market, or the verification of eligibility of a prospectus-exempt issuer that does not have any securities admitted to the Main Market.

An EN Form does not need to be submitted for an admission of securities which does not require an application, letter, or checklist to be submitted to the FCA, such as for any drawdowns under an FCA approved programme.

This requirement also does not apply to the International Securities Market, which operates under its own Rulebook.

Please see below a flow chart of when an EN is required.