The FCA published the Listing, Prospectus and DTRs (Miscellaneous Amendments No. 3) Instrument 2015 on 30 January 2015 following feedback received on its quarterly consultation paper No. 6 (CP14/18). The feedback and FCA's response to it are set out in Handbook Notice No. 18.
The amendments to the Listing, Prospectus and DTRs include:
- Narrowing the scope of circulars requiring prior approval by the FCA. Prior approval is still required for circulars relating to Class 1 transactions, related-party transactions, buybacks, reconstructions or refinancings, cancellations of premium listing and transfers of listing category;
- Amending LR 13.5.4R(2) (Accounting policies) to clarify the application of the requirement to disclose all financial information using accounting policies adopted in the latest annual accounts;
- Clarifying the application of the insignificant subsidiary exemption in LR 11 Annex 1R (Transactions to which related party transaction rules do not apply);
- Updating the requirements for auditors to review parts of the annual report;
- Clarifying the requirements with respect to mineral expert's reports on class transactions for certain mineral companies;
- Clarifying the permitted accounting policies for profit forecasts included in Class 1 transaction circulars; and
- Updating various definitions.
The majority of these changes took effect on 1 February 2015. The new rules relating to the approval of circulars will take effect on 1 April 2015.
A copy of Handbook Notice No. 18 is available at:
http://www.fca.org.uk/static/documents/handbook-notices/fca-handbook-notice-18.pdf.
A copy of the Listing, Prospectus and DTRs (Miscellaneous Amendments No. 3) Instrument 2015 is available at:
http://media.fshandbook.info/Legislation/2015/FCA_2015_3.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.