Regulatory Alerts2025-11-07
Guidance on Restricted Securities
The Financial Services Regulatory Authority (FSRA) issues this guidance to clarify the application of restricted securities requirements under the Financial Services and Markets Regulations 2015 and the Market Rulebook. The document mandates that issuers admitted under the assets eligibility test impose holding locks on specific securities to ensure fair price discovery and prevent insider selling. It details the classification of restricted securities into eleven categories, the calculation of restriction periods using specific formulas, and the procedural obligations for issuers and security holders.
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