Listing Regime and Obligations
The Specialist Fund Segment is an EU Regulated Market
As such, securities admitted to SFS are eligible for a significant number of investor mandates providing a pool of liquidity for issuers admitted to the market. Issuers admitted to trading on an EU regulated market need to meet the requirements of relevant EU directives, including the Transparency Directive and Market Abuse Directive which, in the UK, are enshrined in the FCA’s Disclosure & Transparency Rules.
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 UKLA / other EEA competent authority
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Yes (Annex XV of the Prospectus Directive) |
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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
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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 (>10% shares of same class admitted to trading)
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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).