Listing Regime and Obligations

For issuers admitted to London Stock Exchange’s Main Market or Professional Securities Market the relevant continuing obligations can be found in the applicable sections of the Listing Rules and Disclosure and Transparency Rules.

Which rules apply to PSM issuers?

Issuers with securities admitted to the PSM are required to comply with the:

  • London Stock Exchange’s Admission and Disclosure Standards
  • Relevant provisions of the Prospectus Rules (PR), the Listing Rules(LR), and the Disclosure & Transparency Rules (DTRs).

These rulebooks are not individual standalone documents and therefore must to be read together to determine their application. For instance, it might incorrectly be assumed that the DTRs do not apply as the PSM is not a regulated market as defined by European directives; however, certain DTR provisions are applied to the PSM securities via the Listing Rules –  specifically LR 17 for debt securities and LR 18 for DRs. You can find the rulebooks in our Documents library.

Ongoing obligations on the PSM

Issuers of depositary receipts and debt admitted to the PSM are required to meet certain ongoing obligations, as detailed below.

Ongoing obligations for issuers of depositary receipts

Inside information

  • Must be disclosed to the market as soon as possible and in all jurisdictions in which the securities are listed
  • Drawing up and maintenance of an insider list    

Annual report and accounts

  • Publication of an Annual Report within 6 months of the end of the financial period to which it relates         

Distribution rule

  • 25 per cent of DRs must be in public hands

Ongoing obligations for issuers of debt

Inside information

  • Must be disclosed to the market as soon as possible and in all jurisdictions in which the securities are listed
  • Drawing up and maintaining an insider list

Accounting standard

  • Local GAAP

Annual report

  • Debt issuers on PSM must publish their annual report within 6 months of the financial period to which it relates

Ongoing reports

  • PSM debt securities are exempt from half-yearly reports, interim management statement (IMS)

Other requirements

  • All holders of debt securities must be given equal treatment in respect of rights
  • Any changes to the rights must be disclosed to the public without delay

Dissemination of information   

  • Issuers need to meet criteria related to methods and timing of  disseminating information as set out in DTR 6.3