These metrics assess how quickly we respond to applications from issuers of securities, such as shares or bonds, to the public or on UK regulated markets. We must review issuers’ prospectuses for eligibility. We have set voluntary targets for us to comment on submissions ahead of statutory deadlines.
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.
Initial proofs
Applications (new issuers)
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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.
We have maintained our performance from last year and commented on all initial proofs within 10 working days.
Applications (existing issuers)
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We have a voluntary target to comment on the initial proof of a document submitted for pre-vetting by a listed issuer, or unlisted and undertaking a public offer having 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.
Under the Prospectus Regulation, we must determine applications from existing issuers within 10 working days, unless we need further information.
We commented on initial proofs within 5 working days in 99.7% of cases, continuing to meet our target.
Subsequent proofs
Subsequent proofs (new issuers)
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The standard for new issuers is 5 working days from receipt for comments on subsequent proofs of documents submitted for pre-vetting by a new applicant or an unlisted issuer undertaking a public offer and preparing a prospectus for the first time.
We met our target and improved performance, responding within 5 working days in 99.4% of cases.
Subsequent proofs (existing issuers)
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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 or an unlisted issuer undertaking a public offer and that has previously produced a prospectus.
We continued to meet our target and improved performance from last year, responding within the timeframe in 99.6% of cases.
Individual requests for guidance
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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.
Our voluntary standard aims to give either a substantive reply or a request for more information within 5 working days, with a target of 95%.
We have maintained our performance and responded to 100% of requests for guidance in 5 working days.