UK Listing Authority Objectives
The regulatory objectives of the Financial Services Authority in its capacity as the UK Listing Authority are to formulate and enforce rules that:
- Provide an appropriate level of protection for investors in listed securities;
- Facilitate access to listed markets for a broad range of enterprises;
- Seek to maintain the integrity and competitiveness of UK markets for listed securities; and
- Implement the EU Prospectus Directive and associated amendments to UK primary legislation.
In pursuing these objectives the UKLA will at all times have regard to the general duty set out in Section 73(1) of the Financial Services and Markets Act 2000.
Specific objectives for 2010
We will use a risk-based approach to identify, assess and mitigate risks to our objectives, so that:
- Resources are prioritised against issues in accordance with the impact and probability of the risk they pose;
- Risk disclosure in documents is appropriate, adequately disclosed and clearly presented; and
- A strong sponsor regime exists that includes supervision and assessment of their competencies on an ongoing basis.
We will ensure that we maintain an HR strategy aimed at achieving results through our people and encourage our managers to build and lead successful teams and to identify and develop talent.
We will assist HM Treasury (HMT) in their ongoing involvement with the EU Commission's proposals amending the Prospectus Directive and review of the Market Abuse and Transparency Directives.
We will seek to ensure that the rules continue to be fit for purpose and responsive to market developments and make amendments to the FSA’s Listing, Prospectus, Disclosure and Transparency Rules to implement changes at a European level.
We will seek to utilise and update our technology so as to maximise the effectiveness of our resources.
We will complete our consultation process on the review of the structure of the listing regime and implement the resulting changes to ensure clarity and flexibility for users, and to maintain the competitiveness of the UK market for listed securities while maintaining an appropriate degree of protection for investors.
We will seek to promote efficiency and integrity of trading in the UK markets by timely but proportionate monitoring of issuers’ Continuing Obligations. This will include, where relevant, requiring issuers make accurate and prompt disclosure of inside information. We will seek to maximise the efficiency of our resources in pursuance of this, including working closely with Market Monitoring colleagues in their anti-market abuse work.
By 6 April 2010 the Official List will be published in a way that includes a Listing Category for every listed security.
- (a) Comment provided on the initial proof of a document submitted for pre-vetting by a new applicant or by an unlisted issuer that is undertaking a public offer* and is preparing a prospectus for the first time within 10 working days in at least 95% of cases.
(b) Comment provided on the initial proof of a document submitted for pre-vetting by an issuer already listed or by an unlisted issuer undertaking a public offer* that has previously produced a prospectus within 5 working days in at least 95% of cases.
(c) Comment provided on subsequent proofs of documents within 5 working days in at least 95% of cases.
- Complaints to receive a substantive reply within 5 working days or acknowledged within 2 days and replied to within 15 working days in at least 95% of cases.
- Other queries received in writing to receive a substantive reply or request for further substantive information within 5 working days in at least 95% of cases.
- All firms on the sponsor list to receive feedback on their systems and controls and competence on an annual basis.
- To process applications for listing within 6 months of receipt.
* = offer of transferable securities to the public as defined in s102A of FSMA.
The service standards are clarified as follows:
- Compliance with item 1 will not be affected where, in exceptional circumstances, the person submitting the document specifically agrees that a longer period is more appropriate.
- The periods referred to in items 1, 2 and 3 are clear business days and do not include the day of receipt by the UKLA.
- For initial submissions the day of receipt ends at 4pm, documents received after this point will be counted as being received on the following day.
- The FSA will apply and report an additional voluntary target of 100% in all of the above cases.
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