Find out what confirmations we need about the effect of sanctions before we can begin work on a vetting, guidance or listing application request.
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Issuers must confirm to us that they are not affected by the following sanctions.
The UK Government has imposed sanctions by The Russia (Sanctions) (EU Exit) Regulations 2019 SI 2019/855 as amended (the UK Russia Regulations).
These sanctions restrict access to the capital markets and dealing with transferable securities for certain entities (regulation 16).
The sanctions also impose asset freezes and other financial restrictions in relation to designated persons (regulations 11 to 15), and restrict investments and related services in respect of land located in Russia, persons connected with Russia, relevant entities, joint ventures, opening a representative office or establishing a branch or subsidiary located in Russia (regulation 18B).
There is a ban on providing trust services to or for the benefit of a person connected with Russia or a designated person. This is unless the services were provided immediately before regulation 18B came into force, ie 16 December 2022 (regulation 18C).
Advisers should also be aware of restrictions on providing professional and business services that limit, directly or indirectly, a number of functions including auditing.
The UK Government has also imposed sanctions by The Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 SI 2019/600 as amended (the UK Belarus Regulations).
The sanctions restrict access to the capital markets and dealing with transferable securities for certain entities (regulation 15A). The sanctions also impose asset freezes and other financial restrictions in relation to designated persons (regulations 11 to 15).
For all cases, issuers must confirm to us that you're not affected. These cases include:
- eligibility reviews
- review and approval of a document under the Listing Rules or Prospectus Regulation Rules
- requests for individual guidance
- applications for the admission and amendment of securities to the Official List and for any Issuance Programme cases
You must confirm this in your Electronic Submission System (ESS) submissions. It must state the below concerning the relevant issuer(s):
- [it/they] do[es] not fall within regulations 11(1), 12(1), 13(1), 14(1), 15(1), 16(1)-(4G), 18A(1), 18B(1), or 18C(1), (2) of The Russia (Sanctions) (EU Exit) Regulations 2019 SI 2019/855 as amended; and
- [it/they] do[es] not fall within regulations 11(1), 12(1), 13(1), 14(1), 15(1), 15A(1) to 15A(2C) of The Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 SI 2019/600 as amended.
The issuer[(s)] confirm[s] that [it/they] will inform the FCA as soon as practicable if the circumstances of [the issuer(s)] change and the confirmation above is no longer valid.
When providing the confirmation, you must disregard the effect of any exception or licence under Part 7 of the UK Russia Regulations or under Part 6 of the UK Belarus Regulations.
For us to begin work on your case / transaction, the confirmation must be provided:
- by the issuer(s) or by the sponsor / advisor authorised to make the submission on behalf of the issuer(s). We will not accept any variations to the above wording.
- as a signed and dated letter on headed paper, or an email which clearly identifies the person providing the confirmation, their role, and the date.
- for every transaction. If the issuer has previously provided a confirmation for a previous transaction, an updated confirmation dated at the submission date is required.
We are not responsible for enforcing these asset freezes or sanctions. The Office of Financial Sanctions Implementation (OFSI), part of the Treasury, is responsible for improving the understanding, implementation and enforcement of financial sanctions in the UK. For all enquiries about asset freezing or other financial sanctions, or to make a report if you suspect a breach of the restrictions, contact OFSI by:
- email: [email protected]
- post: Office of Financial Sanctions Implementation, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.