A Practitioner's Guide to the FSA Listing Rules 2005-2006

"In July 2005, the comprehensive and detailed review of the Listing Regime was completed. This included the implementation of the Prospective Directive and the Market Abuse Directive. As a result of these significant changes, the previous Listing Rules were replaced by three stand-alone rulebooks within one module of the "FSA Handbook". These new rulebooks, the Listing Rules, Disclosure Rules and Prospectus Rules, are now set out in Handbook style. This has been the conclusion of a long process. Following the consultations on initial proposals in CP 203, which ended in January 2004, draft rules were proposed in CP04/16 entitled 'Listing Review and implementation of the Prospectus Directive'. In April 2005, we published CP 05/7; 'The Listing Review and Prospectus Directive Feedback as outlined in CP04/8 and CP04/16.' Its aim was to consult on the proposed rules covering statutory responsibility for prospectuses and to set out the near-final text of the new Listing Rules. In June 2005, we published PS 05/07, which set out the feedback on that consultation and the near-final text for the Prospectus Rules.
The Disclosure Rules were the subject of separate consultation in CP 05/03 published in January 2005. It is our aim to make the FSA Listing Rules, Prospectus Rules and Disclosure Rules as accessible as possible to their users. I therefore recommend this annual guide to all companies, whether on the market or raising capital, and their advisers as a useful and practical commentary on the revised UKLA regime." - Hector Sants, Managing Director of Wholesale and Institutional Markets, Financial Services Authority.