On 26 April 2024, the Financial Conduct Authority (FCA) published Primary Market Bulletin No 48 (the PMB). In this special edition, the FCA is consulting on changes it proposes to make to guidance in its Knowledge Base in relation to the listing regime, including rules for sponsors, in conjunction with its recent consultation paper CP23/31 – Primary Market Effectiveness Review.

The PMB also provides a draft version of the Procedures, Systems and Controls Confirmation Form that the FCA proposes to introduce for issuers to submit to the FCA at admission under its proposals in CP23/31. The proposals set out in the PMB are subject to the wider outcome of the FCA’s consultation process on the new UK Listing Rules, and to the FCA Board’s final decision on whether to proceed with changes. The FCA notes that it expects to seek board approval of the final rules in June or July 2024. The PMB also finalises three technical notes relating to sponsor competence, following CP23/31.

Summary of changes

In the PMB, the FCA:

  • Confirms final technical note changes in relation to sponsor competence rules in LR8, which coincides with final rule changes to LR8 confirmed on 26 April 2024 following CP23/31 in Handbook Notice 118.
  • Consults on changes to a number of technical notes in the FCA’s Knowledge Base to reflect the proposed changes to the Listing Regime, including additional aspects of the sponsor regime.
  • Consults on the introduction of a new technical note relating to the role of a sponsor when an issuer, in certain circumstances, is able to transfer its listing using a modified process. This process is described in CP23/31 and in the FCA’s recently published updated draft instrument which included proposed transitional provisions.
  • Publishes a draft of the new Procedures, Systems and Controls Confirmation Form the FCA proposes to ask applicants for listing to submit with their formal listing application. 
  • Provides information on the timing of notification to issuers of their expected new listing category should the changes proposed in CP23/31 go ahead.