UKLA fits EU's rules to London's gold standard

Author: | Published: 1 Jul 2005

The new UK listing regime, part of the implementation in the UK of the European Financial Services Action Plan (FSAP), will bring about substantial changes in the approach taken to London Stock Exchange listed initial public offerings (IPOs) and other securities listings. The new regime, the final or near final rules for which were published between March and June this year, came into effect on July 1. The new regime is the product of a comprehensive review of the UK Listing Rules by the UK Listing Authority (UKLA), which began in October 2003, designed both to implement the various European regulatory changes (brought about by the new Prospectus Directive and Market Abuse Directive) and, more generally, to simplify and modernize the existing listing regime.

The new regime will be based on a revised version of the existing UKLA sourcebook, which will be divided into three parts: (i) the prospectus...