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Premium listing
Practical Law UK Glossary 0-501-4233 (Approx. 5 pages)
Glossary
Premium listing
For the purposes of the Listing Rules (LR), the meaning varies:
- Premium listing (commercial company). In relation to equity shares (other than those of a closed-ended investment fund or sovereign controlled commercial company set out below), a listing where the issuer is required to comply with LR 6 and the other LR that are expressed to apply to these securities with a premium listing.
- Premium listing (closed-ended investment fund). In relation to equity shares of a closed-ended investment fund, a listing where the issuer is required to comply with LR 15 and other LR that are expressed to apply to such securities with a premium listing.
- Premium listing (sovereign controlled commercial company). In relation to equity shares or certificates representing shares (often referred to as Global Depositary Receipts or GDRs) of a sovereign controlled commercial company, a listing where the issuer is required to comply with the requirements in LR 21 and other LR that are expressed to apply to these securities with a premium listing.
A premium listing includes requirements exceeding those originally required under EU directives. For equity shares of a commercial company or for equity shares or certificates representing shares of a sovereign controlled commercial company, an issuer has a choice as to whether it has a standard listing or premium listing (LR 1.5.1G).
Before 4 January 2022, open-ended investment companies (OEICs) had a premium listing of their equity shares under LR 16. As of that date, equity shares of OEICs became standard listed under LR 16A.
When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of premium listing.