Regulatory Alerts2017-02-13
Added · Updated
Review of the Effectiveness of Primary Markets: Enhancements to the Listing Regime
The Financial Conduct Authority finalizes rules enhancing the Listing Regime, effective 1 January 2018, affecting listed companies, applicants for premium listing, and their advisers. The changes clarify Chapter 6 eligibility requirements by reordering provisions, splitting independence rules, and removing explicit references to waiver powers for working capital statements and financial track records. Premium listed issuers are permitted to disregard anomalous profits test results of 25% or more when other class tests are below 5%, and to make specified adjustments to profit figures without prior consultation. Additionally, the guidance presuming insufficient information and potential suspension for reverse takeovers is removed for non-shell companies, while shell companies remain subject to the rebuttable presumption of suspension.