FG14/7 - Primary Market Bulletin No. 6 and Primary Market Bulletin No. 7

Published: 06/08/2014     Last Modified: 06/08/2014

Date of consultation

July 2013 and October 2013

Summary of feedback received

The Knowledge Base is the UKLA’s repository of non-handbook technical commentary that has the status of formal FCA guidance. It consists of a series of short technical and procedural notes (Notes) published in PDF form and ordered by topic. The Notes relate to aspects of the Prospectus Rules, Listing Rules and Disclosure and Transparency Rules (PR, LR and DTR).

In Primary Market Bulletin No.6 (July 2013), we consulted on one new technical note on Listing Principle 6 (Now Listing Principle 2) and one amended technical note relating to reverse takeovers.  

In Primary Market Bulletin No.7 (October 2013), we proposed guidance to amend the Knowledge Base as follows:

  • one new technical note to explain the prospectus disclosure requirements for retail investors in non-equity securities
  • one new procedural note and one new technical note to explain the practical aspects of our new powers in relation to sponsors
  • two amended technical notes and one amended procedural note to reflect the new sponsor powers and
  • one new technical note to explain the application of a sponsor’s obligation to deal with the FCA in an open and co-operative manner.

We summarise the feedback received on these Notes and the course of action taken in respect of each Note in Primary Market Bulletin No. 8 (August 2014).

Response to feedback received

Having considered the feedback received, we have now updated the Knowledge Base as follows:

  • Three new Notes added

    UKLA/PN/910.1 – Additional powers to supervise sponsors

    UKLA/TN/712.1 – Additional powers to supervise and discipline sponsors

    UKLA/TN/209.1 – Listing Principle 2 – Dealing with the FCA in an open and co-operative manner

  • Four existing Notes amended

    UKLA/PN/909.2 – Sponsor firms – ongoing requirements during reorganisations

    UKLA/TN/705.2 – Sponsors – uncertain market conditions

    UKLA/TN/709.2 – Sponsor transactions – adequacy of resourcing

    UKLA/TN/306.2 – Reverse Takeovers

We are continuing our assessment of the feedback received in respect of the following two technical notes:

  • UKLA/TN/632.1 – Non-equity retail prospectuses
  • UKLA/TN/713.1 – Sponsors: Application of principle to deal with the FCA in an open and co-operative manner

Changes made to the guidance as a result of feedback received

The key amendments to each Note.

Background guidance consultations

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