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