PS13/11: Changes to the Listing Rules

We are making changes to the Listing Rules resulting from the BIS Directors’ Remuneration Reporting Regulations and the Narrative Reporting Regulations.

Why are we issuing this Policy Statement (PS)?

These Listing Rule changes have been made in response to the BIS Directors’ Remuneration Reporting Regulations and Narrative Reporting Regulations. They are intended to reduce unnecessary administrative burdens for a premium listed company incorporated in the UK.

We consider that only having to comply with one set of requirements in relation to most remuneration related disclosures should ensure a simpler and more effective regime for firms.

Policy statement PS13/11

Who is this PS aimed at?

This policy statement will interest:

UK and overseas premium listed issuers or issuers considering a premium listing of their securities

firms and sponsors advising issuers of premium listed securities

firms or persons investing in or dealing in premium listed securities

What are the next steps?

From 13 December 2013 UK incorporated premium listed companies will only need to comply with the new BIS Directors’ Remuneration Reporting Regulations for most remuneration-related disclosures.

The changes will apply to listed companies with a financial year ending on or after 30 September 2013 that have not published their annual financial report on or before 13 December 2013.  Companies already preparing their annual financial report in compliance with the existing Listing Rules and the new BIS Directors’ Remuneration Reporting Regulations can continue to publish that report after 13 December 2013 in compliance with both sets of requirements, if they choose to do so.

Want to find out more?

view the FCA Handbook

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