This proposed guidance relates to the following rules in the FCA and PRA Handbooks
- Listing Rules
- Prospectus Rules
- Disclosure and Transparency Rules
This guidance is likely to be of most relevance to issuers of transferable securities (companies/entities) and their advisors (Sponsor firms, advisory firms and law firms), investors and other persons who interact with the UKLA
Background to this consultation
The amendments to FSMA which came into effect on 1 April 2013 significantly altered the statutory framework within which the UKLA carries out its functions. We published Primary Market Bulletin (PMB) No. 7 to explain how the statutory changes impact the UKLA.
PMB No. 7 also provides background to the proposed amendments to Knowledge Base. 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 arranged by topic.
Summary of the key issues
PMB No. 7 provides guidance on how we intend to advance our operational objectives and it also gives information on new statutory powers under Part VI of FSMA. In relation to this, we are proposing 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 – UKLA/TN/632.1
- One new procedural note and one new technical note to explain the practical aspects of our new powers in relation to sponsors – UKLA/PN/910.1; UKLA/TN/712.1
- Two amended technical notes and one amended procedural note to reflect the new sponsor powers – UKLA/TN/705.2; UKLA/TN709.2; UKLA/PN/909.2
- 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 – UKLA/TN/713.1
Cost benefit analysis
CBA is not included in this consultation.
We invite your views on
Do you have any comments on the Notes we wish to add to the Knowledge Base?
Please respond by 19 November 2013
Please email your responses to:
Alternatively, please send your responses by post or telephone us:
The Financial Conduct Authority
25 The North Colonnade
London E14 5HS
Telephone: 020 7066 8210