Rules and regulations for debt
Debt issuers must comply with the UK Listing Authority's Listing Rules when preparing their applications and submitting them for review. In addition, there are continuing obligations which the issuer must observe while they are admitted to trading on our markets.
Securities admitted to trading on the Main Market must be listed in accordance with Chapter 17 of the Listing Rules of the UKLA in the FCA Handbook. For securities admitted to trading on the Professional Securities Market, the relevant chapter of the UKLA Listing Rules is Chapter 4. All securities admitted to trading must comply with the Exchange's Admission and Disclosure Standards.
To ensure investor protection issuers of debt need to observe certain ongoing obligations detailed in relevant provisions of the Disclosure and Transparency rules and Chapter 4 and 17 of the Listing Rules.
The rules on ongoing obligations are designed to introduce transparency to the issuing process. They broadly relate to inside information, publication of annual accounts, appropriate dissemination of relevant information and the treatment of investors. These rules can be found on the UKLA's website.
Issuers should note that rules differ across the markets and investor base. The Exchange offers a choice of listed markets for debt, providing flexible solutions for debt issuers, while maintaining appropriate standards of investor protection. Debt securities issued under a wholesale regime on the Main Market or on our Professional Securities Market are required to follow less onerous ongoing obligations compared to those issued under a retail regime.