Listing Rules

<h2 id="history">History</h2>
<p>The <a href="/facts/London_Stock_Exchange/V2AbyhM5">London Stock Exchange</a> has had a long tradition of <a href="/facts/Industry_self-regulation/NcSzDkPa">self-regulation</a>. Previous versions of the same kinds of rules were known as the rules on "Admission of Securities to Quotations" or "Admission of Securities to Listing".<a class="footnote-ref" id="fnref:1" href="#fn:1"><sup>1</sup></a>
</p><p>By 2011, the former UK Listing Authority was part of the government-appointed <a href="/facts/Financial_Services_Authority/Nj1GjuCE">Financial Services Authority</a>.<a class="footnote-ref" id="fnref:2" href="#fn:2"><sup>2</sup></a> After the FSA's abolition in 2013, it became part of the newly formed <a href="/facts/Financial_Conduct_Authority/q9AWSVdY">Financial Conduct Authority</a>, and since 2017 reference to the UKLA as a separate body has been phased out.
</p><p>In July 2024, the Listing Rules were overhauled and simplified, the biggest change in over 30 years.<a class="footnote-ref" id="fnref:3" href="#fn:3"><sup>3</sup></a>
</p>
<h2 id="list-of-rules">List of Rules</h2>
<ul><li>UKLR 1, Preliminary: all securities</li>
<li>UKLR 2, Listing Principles</li>
<li>UKLR 3, Requirements for listing: all securities</li>
<li>UKLR 4, Sponsors: responsibilities of issuers</li>
<li>UKLR 5, Equity shares (commercial companies): requirements for admission to listing</li>
<li>UKLR 6, Equity shares (commercial companies): continuing obligations</li>
<li>UKLR 7, Equity shares (commercial companies): significant transactions and <a href="/facts/Reverse_takeover/qePgq40k">reverse takeovers</a></li>
<li>UKLR 8, Equity shares (commercial companies): <a href="/facts/Related_party_transaction/hkcQ0gPq">related party transactions</a></li>
<li>UKLR 9, Equity shares (commercial companies): further issuances, dealing in own securities and <a href="/facts/Treasury_shares/gBANCm2S">treasury shares</a></li>
<li>UKLR 10, Equity shares (commercial companies): contents of circulars</li>
<li>UKLR 11, <a href="/facts/Closed-end_fund/PK2QJoJ4">Closed-ended investment funds</a>: requirements for listing and continuing obligations</li>
<li>UKLR 12, <a href="/facts/Open-ended_investment_company/j07RQcdj">Open-ended investment companies</a>: requirements for listing and continuing obligations</li>
<li>UKLR 13, Equity shares (<a href="/facts/Shell_corporation/xRH4bJXQ">shell companies</a>): requirements for listing and continuing obligations</li>
<li>UKLR 14, Equity shares (international commercial companies <a href="/facts/Cross_listing/PhtIBcmG">secondary listing</a>): requirements for listing and continuing obligations</li>
<li>UKLR 15, Certificates representing certain securities (<a href="/facts/Depositary_receipts/pLhhcMUc">depositary receipts</a>): requirements for listing and continuing obligations</li>
<li>UKLR 16, Non-equity shares and <a href="/facts/Non-voting_stock/wEQqhmAs">non-voting equity shares</a>: requirements for listing and continuing obligations</li>
<li>UKLR 17, <a href="/facts/Debt/VDKsvv1q">Debt</a> and debt-like securities: continuing obligations</li>
<li>UKLR 18, Securitised <a href="/facts/Derivative_(finance)/jx4CbakW">derivatives</a>: requirements for listing and continuing obligations</li>
<li>UKLR 19, <a href="/facts/Warrant_(finance)/lmlNIcvY">Warrants</a>, <a href="/facts/Option_(finance)/5gJFXV3X">options</a> and other miscellaneous securities: continuing obligations</li>
<li>UKLR 20, Admission to listing: processes and procedures</li>
<li>UKLR 21, Suspending, cancelling and restoring listing and transfer between listing categories: all securities</li>
<li>UKLR 22, Equity shares (transition): continuing obligations</li>
<li>UKLR 23, Listing particulars for professional securities market and certain other securities: all securities</li>
<li>UKLR 24, Sponsors</li></ul>
<p>In addition, there are 10 transitional provisions.
</p>
<h2 id="see-also">See also</h2>
<ul><li><a href="/facts/UK_company_law/YaYfEcaP">UK company law</a></li>
<li><a href="/facts/London_Stock_Exchange/V2AbyhM5">London Stock Exchange</a></li>
<li><a href="/facts/US_corporate_law/Y3IN6zSA">US corporate law</a></li>
<li><a href="/facts/NYSE_Listed_Company_Manual/yS0gMmhV">NYSE Listed Company Manual</a> (<a href="http://nysemanual.nyse.com/LCM/Sections/">here</a>)</li></ul>
<h2 id="notes">Notes</h2>

<h2 id="external-links">External links</h2>
<ul><li><a href="https://www.handbook.fca.org.uk/handbook">The Listing Rules, in the FCA Handbook</a></li>
<li><a href="https://www.fca.org.uk/markets/primary-markets/listing-applications/historic-listing-rules">Historical Listing Rules</a></li></ul>

<h2 id="references">References</h2>

<ol>
<li id="fn:1"><p>"Historic Listing Rules". Financial Conduct Authority. 4 May 2016. Retrieved 8 August 2024. <a href="https://www.fca.org.uk/markets/primary-markets/listing-applications/historic-listing-rules" target="_blank">https://www.fca.org.uk/markets/primary-markets/listing-applications/historic-listing-rules</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li>
<li id="fn:2"><p>"UK Listing Authority". Financial Services Authority. Archived from the original on 13 June 2011 – via Internet Archive. <a href="https://web.archive.org/web/20110613163212/http://www.fsa.gov.uk/Pages/Doing/UKLA/index.shtml" target="_blank">https://web.archive.org/web/20110613163212/http://www.fsa.gov.uk/Pages/Doing/UKLA/index.shtml</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li>
<li id="fn:3"><p>"FCA overhauls listing rules to boost growth and innovation on UK stock markets". Financial Conduct Authority. 11 July 2024. Retrieved 8 August 2024. <a href="https://www.fca.org.uk/news/press-releases/fca-overhauls-listing-rules-boost-growth-and-innovation-uk-stock-markets" target="_blank">https://www.fca.org.uk/news/press-releases/fca-overhauls-listing-rules-boost-growth-and-innovation-uk-stock-markets</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li>
</ol>

Listing Rules open-in-new

Listing Rules