Chapter 3: Publicly traded companies

This chapter looks at the regulatory regimes in which publicly traded companies operate, providing guidance on regulation and legislation such as the Financial Services and Markets Act 2000 and the FCA Rules. It examines the UK Listing rules and Principles, the conditions for listing and the continuing obligations for listed companies, as well as the Disclosure and Transparency Rules. It look at the securities markets for listed and publicly traded companies, the definitions of markets and exchanges used in legislation, as well as looking at the London Stock Exchange (LSE) and other markets. It focuses on issues of listed securities, such as the LSE as a primary market, types of public issues, issue price and underwriting, as well as sponsors and other advisers, and rights and capitalisation issues by listed companies. It also examines the prospectus regime, the Prospectus Rules and circumstances where a prospectus is required. It looks at dealings in existing securities, quotation-driven trading and order-driven trading, as well as looking at the Alternative Investment Market (AIM) – the admission requirements and continuing obligations. It also looks at issuer liability.

Precedents include:

  • Precedent 3.A Programme for an offer for sale of shares where the capital has already been created and the related preliminaries have been completed

  • Precedent 3.B Indicative programme for a rights issue of shares by a listed company

  • Precedent 3.C Programme for a capitalisation issue of shares where the capital to be issued is already in existence

  • Precedent 3.D Rights form: rights issue

  • Precedent 3.E Entitlements form: capitalisation issue



    Regulatory Regime
    Listing Rules
    Securities Markets
    Issues Of Listed Securities
    Prospectus Requirements
    Dealings In Securities
    The Alternative Investment Market
    Issuer Liability