London Stock Exchange: Admission and Disclosure Standards

01.01.07

London Stock Exchange: Admission and Disclosure Standards

Revised Admission and Disclosure Standards for the London Stock Exchange came into effect on 1 November 2007. The Standards were revised to reflect the additional requirements imposed by European Directive on the Market in Financial Instruments. Minor changes have been made to Form 1 (application for admission). The revised Standards and Form 1 are available from the LSE's website.

The Standards now have a wider scope of application: they apply to all securities trading on the LSE except for AIM. There are some additional conditions to admission including: (a) where securities are transferable, they must all be freely negotiable; and (b) securities that are admitted to trading on any regulated market operated by the LSE must be capable of being traded in a fair, orderly and efficient manner. There is a new continuing obligation on issuers to notify the LSE of any change of status of the information provided on an application for admission to trading in respect of the listing or admission to, or cancellation from, trading of the issuer's securities on any other exchange or trading platform.

The Standards have also been revised to include references to the LSE's Specialist Fund Market which opened for admissions on 1 November 2007. The Specialist Fund Market is the LSE's regulated market for highly specialised investment entities that wish to target institutional, professional and highly knowledgeable investors only.