Originally published 11 October 2004
The Financial Services Authority has published for consultation its detailed proposals for a new Listing Rules sourcebook.
The proposed changes reflect:
- the outcome of the wider review of the Listing Rules which has been carried out by the FSA over the last four years
- structural changes to the regime for public offerings of securities resulting from the implementation of the Prospectus Directive
- the FSA's desire to integrate the Listing Rules into the FSA Handbook.
Overall, these drivers result in a complete re-writing of the Listing Rules. For existing companies with listed shares, there will be relatively few changes of substance (although there will be a large number of more minor adjustments) as the outcome of the wider review process has been effectively to endorse much of the existing listing regime. However, the implementation of the Prospectus Directive will have significant implications for the debt markets.
