The Listing Transactions (LT) Department encompasses our transaction review functions and the management of the Official List through our Listing Applications team.
An issuer must make a prospectus approved by us available to the public before certain securities are offered to the public or admitted to trading on a regulated market in the UK. Where an application for approval is made to us, we must notify the applicant of our decision within the deadlines specified in the Prospectus Regulation.
Unless we require further information, we must determine an application from a new issuer within 20 working days, and all other applications within 10 working days. We have put in place a system of voluntary targets for us to provide comments on submissions in advance of the statutory deadlines. For new issuers, we aim to provide comments on the initial submissions within 10 working days if the document is submitted in complete form.
Applications (new issuers)
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We have a voluntary target to comment on the initial proof of a document submitted for pre-vetting by a new applicant, or an unlisted issuer, undertaking a public offer and preparing a prospectus for the first time. Our aim is to comment on submission within 10 working days 95% of the time. Graph L1.1 shows in 2023/24 we achieved the target and improved our compliance levels.
Applications (existing issuers)
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Graph L1.2 shows our voluntary standard to comment on the initial proof of a document submitted for pre-vetting by a listed issuer, or by an unlisted issuer, undertaking a public offer that has previously produced a prospectus. Our target is to comment on submissions within 5 working days 95% of the time.
This also covers documents submitted to us for approval that do not fall under the new issuer standard. This is principally prospectuses and circulars issued by already listed companies. We aim to comment within 5 working days if the document is complete. In 2023/24 we achieved our target and improved our compliance levels.
All documents requiring our approval before publication must be submitted in substantially complete form. We often review several proofs of these documents before approval. As well as commenting on the initial proofs, we also aim to comment on subsequent proofs within 3 or 5 working days, depending on the document.
Subsequent proofs (new issuers)
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Subsequent proofs (existing issuers)
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We have voluntary standards to comment on subsequent proofs of submissions. The standard for new issuers is 5 working days from receipt for comments on subsequent proofs of document submitted for pre-vetting by a new applicant, or by an unlisted issuer, undertaking a public offer and preparing a prospectus for the first time.
The standard for existing issuers is 3 working days from the day of receipt for comments on subsequent proofs of document submitted for pre-vetting by a listed issuer, or by an unlisted issuer, undertaking a public offer and that has previously produced a prospectus.
Graph L1.3a and L1.3b shows a continued improvement in 2023/24.
We sometimes give guidance on applying our rules. We respond to reasonable requests for guidance and other queries made by, or on behalf of, the named party required to comply with the applicable rule.
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Our final voluntary standard aims to provide either a substantive reply or a request for further substantive information within 5 working days with a target of 95%. Graph L3.1 shows we continue to meet this standard.