On 23 November 2015, the FCA published the twelfth edition of its Primary Market Bulletin. The FCA confirms that several amendments have been made to the UKLA Knowledge Base, which were consulted on in the eleventh Primary Market Bulletin, and also proposes some further changes for consultation.
Proposals for additional amendments to be consulted on include:
- The amendment to the existing procedural note on public offer prospectus—drafting and approval to refer to Article 4(a) of the Prospectus Regulation set out in PR 2.3.1 (minimum information to be included in a prospectus);
- A further draft of a proposed new technical note on the application of related party rules to funds investing in highly illiquid asset classes which has been amended to further clarify when acquisitions from a related party should be considered to be in the ordinary course for a closed-ended investment fund focused on large scale infrastructure assets (and therefore not subject to the related party rules in LR 11);
- The amendment of the existing note on Listing Principle 2—dealing with the FCA in an open and cooperative manner, to reflect that LP 2 applies to all listed companies, not just those with a premium listing; and
- The amendment of technical notes relating to periodic financial information and disclosures of positions held by issuers, investors and management, to reflect the amendments to the DTR which came into force on 26 November 2015.
The FCA Bulletin can be found at:
http://www.fca.org.uk/static/documents/ukla/primary-market-bulletin-12.pdf
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