GC24/3: Primary Market Bulletin No. 50

Why we are consulting

In CP23/31[1] we explained that we intend to consult on proposed revisions to key Technical and Procedural Notes to reflect the proposed changes to the Listing Regime, including aspects of the sponsor regime. In PMB 48[2], we explained that we were carefully considering the feedback we received on the sponsor regime. We also reflected that we had already begun work to address some of the more significant issues raised with us.

We are now consulting on the introduction of 2 new Technical Notes and amendments to 1 existing Technical Note. We propose that we are proposing to add these to the Knowledge Base[3] in relation to the listing regime.

The Knowledge Base[3] is the FCA’s repository of non-handbook commentary that has the status of formal FCA guidance. It consists of a series of procedural and technical notes published in PDF form and ordered by topic. The notes relate to aspects of the Listing Rules, Prospectus Regulation Rules and Disclosure Guidance and Transparency Rules.

The information is designed to help issuers, sponsors and practitioners interpret these rules.

Summary of our proposals

We are consulting on the following changes to the Knowledge Base. For ease, amended Technical Notes are presented with changes marked, except where significant amendments have been made.

The addition of the following 2 new Technical Notes:

Primary Market/TN/ 722.1 - Responsibilities of a Sponsor - Specialist Due Diligence[4]
Primary Market/TN/ 723.1 - FCA Reviews of Sponsor Services[5]

The amendments to the following technical note:  

UKLA/TN/717.1 Sponsors: Record Keeping Requirements[6]

We summarise our proposals in PMB 50[7]. 

Next steps

Please send your comments on our proposals by 5 September 2024 to [email protected].