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London Stock Exchange
Admission and Disclosure Standards
EFFECTIVE 8 May 2017
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Contents
CONTENTS ............................................................................................................... I
GLOSSARY .............................................................................................................. 1
SECTION 1: INTRODUCTION ................................................................................ 10
SECTION 2: ADMISSION CONDITIONS ................................................................ 16
PART 1 Admission Conditions ................................................................... 16
Settlement .......................................................................................... 17
Communication .................................................................................. 17
PART 2 Criteria for certain routes to market .............................................. 18
PART 3 Admission process ....................................................................... 18
SECTION 3: APPLICATION RULES ....................................................................... 20
Introduction ........................................................................................ 20
Provisional application ....................................................................... 20
Formal application ............................................................................. 20
Further issues .................................................................................... 20
Fees ................................................................................................ 20
When Issued Dealing ......................................................................... 20
After admission .................................................................................. 21
Block admission ................................................................................. 21
SECTION 4: CONTINUING OBLIGATIONS ........................................................... 22
General .............................................................................................. 22
Provision of information ..................................................................... 23
Depositary receipts ............................................................................ 23
EEA ETFs .......................................................................................... 23
Settlement .......................................................................................... 24
Fees ................................................................................................ 24
Suspension ........................................................................................ 24
Cancellation ....................................................................................... 25
Compliance and Appeals ................................................................... 25
SECTION 5 - COMPLIANCE PROCEDURES ........................................................ 27
Disciplinary process ...................................................................................... 27
Non-disciplinary appeal process ................................................................... 30
Process and Procedures .............................................................................. 30
Burden of proof .................................................................................. 30
Market guidance ................................................................................ 31
ADMISSION AND DISCLOSURE STANDARDS
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Warning Notices ........................................................................................... 31
Function of Warning Notices .............................................................. 31
Executive Panel ............................................................................................ 31
Role ................................................................................................ 31
Disciplinary Powers ........................................................................... 31
Appeal powers ................................................................................... 31
Membership ....................................................................................... 32
Confidentiality .................................................................................... 32
Mode of referral when acting as a tribunal of first instance ................ 32
Mode of referral when acting as an appellate tribunal ....................... 33
Procedure .......................................................................................... 33
Deliberations and decisions ............................................................... 33
Appeal ................................................................................................ 34
Changes to the procedures ................................................................ 35
Disciplinary Committee ................................................................................. 35
Role ................................................................................................ 35
Disciplinary powers ............................................................................ 35
Membership ....................................................................................... 35
Secretary ........................................................................................... 36
Confidentiality .................................................................................... 37
Mode of referral ................................................................................. 37
Procedure .......................................................................................... 37
Directions ........................................................................................... 38
The hearing ........................................................................................ 38
Deliberations and decisions ............................................................... 40
Appeal ................................................................................................ 41
Changes to the procedures ................................................................ 41
Appeals Committee ...................................................................................... 42
Role ................................................................................................ 42
Sanctions ........................................................................................... 42
Membership ....................................................................................... 42
Secretary ........................................................................................... 43
Confidentiality .................................................................................... 43
Procedure .......................................................................................... 44
Directions ........................................................................................... 44
ADMISSION AND DISCLOSURE STANDARDS
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The hearing ........................................................................................ 44
Deliberations and decisions ............................................................... 45
Changes to the procedures ................................................................ 46
Consent orders ............................................................................................. 46
SCHEDULE 1 ADMISSION PROCEDURES ....................................................... 48
Part A Provisional Application.................................................................... 48
Part B Formal Application .......................................................................... 48
Part C Applications for certain securities ................................................... 49
SCHEDULE 2 WHEN ISSUED DEALING ............................................................ 52
SCHEDULE 3 CORPORATE ACTIONS .............................................................. 53
Timetable for corporate actions .......................................................... 53
Timetable for open offer ..................................................................... 54
Continuing obligations for depositary receipt issuers ......................... 55
SCHEDULE 4 SPECIALIST FUND SEGMENT ................................................... 57
SCHEDULE 5 HIGH GROWTH SEGMENT RULEBOOK ..................................... 58
INTRODUCTION ..................................................................................................... 63
SECTION A ADMISSION ..................................................................................... 63
A1: Eligibility for admission ........................................................................... 64
A2: Procedure for admission ........................................................................ 65
SECTION B CONTINUING OBLIGATIONS ......................................................... 67
B1: Continuing eligibility requirements .