The Listings department handles our transaction reviews function and manages the Official List.
An issuer must make a prospectus, approved by us, available to the public before certain securities are offered to the public or admitted to trading on a regulated market in the UK. Where an application for approval is made to us, we must notify the applicant of our decision within the deadlines specified in the Prospectus Regulation.
Unless we require further information, we must determine an application from a new issuer within 20 working days, and all other applications within 10 working days. We have voluntary targets for us to comment on submissions in advance of the statutory deadlines.
We have a voluntary target to comment on the initial proof of a document submitted for pre-vetting by a new applicant, or an unlisted issuer, undertaking a public offer and preparing a prospectus for the first time. Our aim is to comment on a submission within 10 working days 95% of the time. Graph L1.1 shows that in 2024/25 we fully met our target, with a compliance rate of 100%.
Graph L1.2 shows our voluntary standard to comment on the initial proof of a document submitted for pre-vetting by a listed issuer, or by an unlisted issuer, undertaking a public offer that has previously produced a prospectus. Our target is to comment on submissions within 5 working days 95% of the time.
This also covers documents submitted to us for approval that do not fall under the new issuer standard. This is principally prospectuses and circulars issued by already listed companies. We aim to comment within 5 working days if the document is complete. In 2024/25 we fully met our target, with a compliance rate of 100%.
All documents requiring our approval before publication must be submitted in substantially complete form. We often review several proofs of these documents before approval. As well as commenting on the initial proofs, we also aim to comment on subsequent proofs within 3 or 5 working days, depending on the document.
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We have a voluntary target to comment on the initial proof of a document submitted for pre-vetting by a new applicant, or an unlisted issuer, undertaking a public offer and preparing a prospectus for the first time. Our aim is to comment on a submission within 10 working days 95% of the time. Graph L1.1 shows that in 2024/25 we fully met our target, with a compliance rate of 100%.
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Graph L1.2 shows our voluntary standard to comment on the initial proof of a document submitted for pre-vetting by a listed issuer, or by an unlisted issuer, undertaking a public offer that has previously produced a prospectus. Our target is to comment on submissions within 5 working days 95% of the time.
This also covers documents submitted to us for approval that do not fall under the new issuer standard. This is principally prospectuses and circulars issued by already listed companies. We aim to comment within 5 working days if the document is complete. In 2024/25 we fully met our target, with a compliance rate of 100%.
All documents requiring our approval before publication must be submitted in substantially complete form. We often review several proofs of these documents before approval. As well as commenting on the initial proofs, we also aim to comment on subsequent proofs within 3 or 5 working days, depending on the document.
The standard for new issuers is 5 working days from receipt for comments on subsequent proofs of document submitted for pre-vetting by a new applicant, or by an unlisted issuer, undertaking a public offer and preparing a prospectus for the first time.
The standard for existing issuers is 3 working days from the day of receipt for comments on subsequent proofs of document submitted for pre-vetting by a listed issuer, or by an unlisted issuer, undertaking a public offer and that has previously produced a prospectus.
Graph L1.3a and L1.3b shows we continue to meet above our compliance levels, of 95%.
We sometimes give guidance on applying our rules. We respond to reasonable requests for guidance and other queries made by, or on behalf of, the named party required to comply with the applicable rule.
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Our final voluntary standard aims to give either a substantive reply or a request for more information within 5 working days, with a target of 95%. Graph L3.1 shows we continue to meet this standard.
