Knowledge base

The Knowledge Base is our source of technical guidance on our Listing Rules, Prospectus Regulation Rules and Disclosure and Transparency Rules. The information is designed to help issuers and practitioners interpret these rules.

Application of Knowledge Base materials (such as Technical Notes and Procedural Notes) under the Prospectus Regulation

The new EU Prospectus Regulation comes into full effect from 21 July 2019.

Please note that our Knowledge Base materials set out below are based on the provisions of UK national law implementing the old Prospectus Directive - not the new Prospectus Regulation. We are preparing to update our Knowledge Base materials and our website will be updated with revised materials in the Autumn of 2019. In the meantime, the guidance provided by the Technical Notes and Procedural Notes below should be applied to prospectuses and other listing documents (as applicable) drawn up under the Prospectus Regulation to the extent they are compatible with the Prospectus Regulation. The application of the Technical Notes and Procedural Notes below can help to facilitate the review process and assist issuers when drawing up prospectuses and other listing documents.

 

The guidance notes provide answers to the most common queries we receive and they are intended to provide FCA Guidance. For a summary of the legal effect of FCA Guidance please see our Reader’s Guide.

See our contact page for other ways to get guidance on the rules including requests for individual guidance.

In connection with debt issues, you may also wish to refer to our Early Engagement Team and enquiry service.

On this page:

Procedural notes

Technical notes

Eligibility for listing

Governance and conduct

Transactions

Working capital

Profit forecasts and estimates

Closed-ended investment funds

Specialist companies

Periodic financial information

Regulatory announcements including inside information

Disclosure of positions held by issuers, investors and management

Public offers, admission to trading and the marketing of securities

Prospectus content

Sponsors

Reference numbers explained

The Guidance notes have been arranged into categories by theme. Each note has been assigned a unique reference number (e.g. UKLA/TN/101.1 or UKLA/PN/901.1).

The ‘TN’ indicates that it is a Technical note and the ‘PN’ indicates that it is a Procedural note.

The first three digits, ‘101’ and ‘901’ refer to the topic or title of the note.

The final digit ‘1’ indicates that it is the first version of this note to be published. If changes are made to the note in the future, the final digit will be changed to ‘2’, ‘3’ etc to reflect the most recent version.