How to admit securities to ISM
Admitting securities to ISM
Admitting securities to ISM requires a direct submission to London Stock Exchange. To support ISM issuers and advisers, the Primary Market Regulation team, with a depth of regulatory and fixed income experience, is responsible for managing the admission process.
Step 1: Initial submission
1. You will need to submit all the documentation set out below and any omission of information request, if applicable to ISMapplication@lseg.com:
- (a) draft admission particulars, if applicable;
- (b) draft ISM Form 1, which should be completed to the fullest extent possible;
- (c) eligibility checklist (unless it is a tap issue of a security already admitted to the ISM) and relevant information checklists (please note that checklists only need to be submitted with initial draft and no annotation of the admission particulars is required); and
- (d) any relevant derogation request.
2. The table below provides a summary of the information checklists that need to be completed for an issuer and for the securities which are seeking admission to trading on ISM. Please contact London Stock Exchange at the earliest possible stage if in doubt over which checklists apply to your transaction.
Type of Securities |
Sch 1 |
Sch 2 |
Sch 3 |
Sch 4 |
Sch 5 |
Sch 6 |
Sch 6A |
Sch 8 |
Sch 9 |
|---|---|---|---|---|---|---|---|---|---|
Vanilla Debt [Note 1] |
✔ |
NA |
✔ |
NA |
NA |
NA |
NA |
NA |
NA |
Asset backed [Note 1] |
✔ |
✔ |
✔ |
NA |
✔ |
NA |
NA |
NA |
NA |
Convertible [Note 1] |
✔ |
NA |
✔ |
NA |
NA |
✔ |
NA |
NA |
NA |
Derivative [Note 1] |
✔ |
NA |
✔ |
✔ |
NA |
NA |
NA |
NA |
NA |
Insurance linked securities [Note 1] |
✔ |
✔ |
✔ |
NA |
NA |
NA |
✔ |
NA |
NA |
Simplified Disclosure [Note 1] |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
✔ [Note 2] |
3. We will provide our comments within three days of your first submission.
Step 2: Subsequent submissions
- Your reply to our comments email should include:
- (a) any responses to our comments; and
- (b) revised draft admission particulars, if applicable.
- We will provide our comments within two days of your subsequent submissions.
Step 3: Final submission
Submit your:
- (a) final admission particulars, if applicable; and
- (b) final and signed ISM Form 1,
to the ISM applications team by 09.00 (UK local time) one business day before the day on which admission to trading or programme establishment/update is sought. Please note Admissions also have their own conditions for admission, which you will need to take into account for timing purposes.
In respect of the admission to trading of securities, we will notify, by RNS, the admission of the securities via a Dealing Notice. In respect of a programme establishment/update, a confirmation email will be sent to the advisers.
Exceptions
- For securities issued under a programme facility established on ISM, the pricing supplement needs to be submitted to the Admissions team before 14:00 (UK local time) one business day prior to admission to trading.
- Supplementary admission particulars should be submitted to the ISM applications team and we will endeavour to process within one business day.
Notes
[1] If guaranteed, the requirements of Schedule 7 must be complied with and the corresponding checklist completed. If completing any of the other checklists on behalf of a guarantor, please note that all references to the “issuer” in such checklists should be interpreted as references to the “guarantor”.
[2] Schedule 9 checklist will set out which, if any, other information checklists will also need to be completed and submitted.
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