Enter to open, tab to navigate, enter to select
Standard listing
Practical Law UK Glossary 8-501-4234 (Approx. 5 pages)
Glossary
Standard listing
For the purposes of the Listing Rules (LR), a listing that is not a premium listing. The categories of standard listing are:
- Standard listing (shares). Under LR 14, both equity shares and non-equity shares can be admitted to listing (but not equity shares of an open-ended investment company (OEIC) or preference shares that are specialist securities). For equity shares of a commercial company, an issuer has a choice as to whether it has a standard listing or premium listing and this determines the LR it must comply with (LR 1.5.1G (4)). For more information, see Practice note, Standard listing (shares): admission and Practice note, Standard listing (shares): continuing obligations.
- Standard listing (open-ended investment companies). Under LR 16A, the equity shares of an OEIC can be admitted to listing. Before 4 January 2022, OEICs had a premium listing under LR 16.
- Standard listing (debt and debt-like securities). Under LR 17, debt securities and debt-like securities shares can be admitted to listing. For more information, see Practice note, Listing debt securities: FCA continuing obligations.
- Standard listing (certificates representing certain securities). Under LR 18, certificates representing certain securities (often referred to as Global Depositary Receipts (GDRs)) can be admitted to listing. For more information, see Practice note, Depositary receipts.
- Standard listing (securitised derivatives). Under LR 19, retail and specialist securitised derivatives can be admitted to listing.
- Standard listing (miscellaneous securities). Under LR 20, miscellaneous securities can be admitted to listing.
Standard listing was introduced 6 April 2010. Its requirements were originally based on minimum EU directive standards (however, for standard listing (shares) LR 14.3.25R extends the application of DTR 7.3 beyond the minimum requirements originally required by the Shareholder Rights Directive II (EU) 2017/828 amending the Shareholder Rights Directive (2007/36/EC) (SRD II)).
When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of standard listing.