Listing Regime and Obligations
Eligibility
The key eligibility criteria for investment funds floating on the Specialist Fund Segment are outlined in the table below.
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Eligibility criteria Closed ended funds
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Closed ended funds
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Transferable securities to be freely negotiable |
Yes
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Production of a prospectus for approval by the FCA |
Yes (Annex 4 and 11 of the UK Prospectus Regulation) |
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Audited historical financial information |
3 years* |
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London Stock Exchange Admission and Disclosure Standards |
Apply |
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Eligible for electronic settlement |
Yes |
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Sponsor |
Not required |
*or such shorter period the entity has been in operation
Continuing obligations
This list is not exhaustive and should be read in conjunction with London Stock Exchange's Admission & Disclosure Standards and the FCA Handbook (Prospectus Rules and Disclosure & Transparency Rules).
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Continuing Obligations |
Closed ended funds
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Sponsor for certain transactions |
Not required
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Annual financial report |
Yes (4 months after the end of FY)
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Half-yearly financial report |
Yes (3 months after the end of the period)
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Interim Management Statements |
Yes
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Publication of inside information as soon as possible |
Yes
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Drawing up and maintaining an Insider List |
Yes
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Major shareholder notification regime applies |
Yes
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Annual Information Update |
Yes
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PDMR disclosures |
Yes
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Pre-emption rights As per relevant company law Prospectus/document for further issues (>20% shares of same class admitted to trading)
|
Yes |
This list is not exhaustive and should be read in conjunction with London Stock Exchange's Admission & Disclosure Standards and the FCA Handbook (Prospectus Rules and Disclosure & Transparency Rules).