Community and History
Routes to Market for Listing Single Assets
Specialist Fund Segment of the Main Market
|
ERegulated market under MiFID II, dedicated to specialist, closed-ended investment funds targeting institutional, professional, professionally advised and knowledgeable investors. |
Key Flexibilities
Lower free float requirement
The SFS has no prescriptive minimum free float. However, the Exchange has an obligation to run fair and orderly markets.
No requirement to spread risk
SFS funds are not required to spread risk thus they can admit to trading with a far more concentrated portfolio.
Flexible voting structure
SFS funds can enable fund structures with shares having differentiated voting rights.
Standard Segment of the Main Market
|
Regulated market under MiFID II, listed market for commercial companies seeking access to the wide investor base from institutional to general retail investors. Standard Listing allows issuers to access the Main Market by meeting EU harmonised standards only rather than the UK ‘super-equivalent’ requirements. |
Key Flexibilities
No requirement to obtain a listing sponsor
Unlike the Premium Segment, companies seeking admission to the Standard Segment of the Main Market are not required to appoint a sponsor for their listing
No requirement to have a minimum of 3 year audited historical financial information
Companies on the Standard Segment are required to have audited financial information covering their latest three years or such shorter period that the issuer has been in operation.
Eligibility Overview
|
Description |
Standard Segment |
Specialist Fund Segment |
|
Structure |
Company issuing equity shares (other than investment entity) |
Closed-ended Investment Fund |
|
Domicile |
Any |
Any |
|
Regulation |
EU Regulated Market & Listed |
EU Regulated Market |
|
Minimum Freefloat |
25% |
No prescriptive freefloat |
|
Revenue Criteria |
Not applicable |
Not Applicable |
|
Admission |
Prospectus & Eligibility letter to UKLA under Listing Rules |
Request for admission to trading to exchange |
|
Admission Documentation |
Prospectus |
UKLA Approved Prospectus (Annex XV disclosures) |
|
Sponsor/NOMAD |
Not applicable |
Not applicable |
|
Corporate Governance |
Corporate Governance statement
|
Corporate Governance statement |
|
Significant Transactions |
Not applicable |
Not applicable |
|
Controlling Shareholder Agreement |
Not applicable |
Not applicable |
|
Related Party Transactions |
DTR interim management statement and disclosed via annual accounts |
Not applicable |
|
Cancellation |
No shareholder approval required |
No shareholder approval required |
|
Indices |
Not applicable |
Not applicable |
Ongoing Obligations Overview
|
Description |
Standard Segment |
Specialist Fund Segment |
|
Sponsor/Nomad |
Not applicable |
Not applicable |
|
Annual financial report |
Yes |
Yes |
|
Half-yearly financial report |
Yes |
Yes |
|
Publication of inside information as soon as possible |
Yes |
Yes |
|
Corporate Governance |
Corporate Governance statement
|
Corporate Governance statement |
|
Drawing up and maintaining an insider list |
Yes |
Yes |
|
Major shareholder notification regime |
Yes |
Yes |
|
PDMR Disclosures |
Yes |
Yes |
|
Pre-emption rights |
As per company law |
As per company law |
|
Significant Transactions |
Not applicable |
Not applicable |
|
Prospectus/document for further issues(>20% shares of same class admitted to trading) |
Yes |
Yes |