On 27 April 2016, the FCA published its 14th Primary Market Bulletin ("Bulletin 14"), advising on changes to the listing rule which requires premium listed companies to obtain written confirmation from a sponsor when undertaking a smaller related party transaction.
The proposed changes to the Draft UKLA Technical Note TN 308.3 provide that the FCA will no longer need to have discussions about the substance of the transaction contemplated. However, the FCA will need to be consulted if a sponsor questions the correct classification under the class tests before a transaction is entered into, in which case the sponsor should approach the FCA for guidance.
On 30 June 2016, the FCA published its 16th Primary Market Bulletin ("Bulletin 16"), which contains within it information concerning proposed amendments to, and deletions of, its technical notes. The proposals are intended to reflect changes brought about by MAR, which came into force on 3 July 2016. The FCA is seeking respondents' views on amending some of its technical notes. Responses are to be received by 10 August 2016.
Bulletin 14 can be accessed here:
http://www.fca.org.uk/static/documents/ukla/primary-market-bulletin-14.pdf
The UKLA Technical Note: Related party transactions – Modified requirements for smaller related party transactions can be accessed here:
http://www.fca.org.uk/static/documents/ukla/knowledge-base/tn-308-3-consultation.pdf
Bulletin 16 can be accessed here:
http://www.fca.org.uk/static/documents/ukla/primary-market-bulletin-16.pdf
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
