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Home state
Practical Law UK Glossary 9-107-6693 (Approx. 4 pages)
Glossary
Home state
This term has different meanings depending on the context in which it is used.
For the purposes of the Listing Rules (LR), Prospectus Regulation Rules (PRR) and Disclosure Guidance and Transparency Rules (DTR), the term is no longer used, having been deleted at the end of the UK-EU transition period pursuant to the Exiting the European Union: Listing, Prospectus and Disclosure Sourcebooks (Amendments) Instrument 2019 and the Exiting the European Union: Glossary (Amendments) Instrument 2019.
Before the end of the Brexit transition period the term was used in the LR, PRR and DTR as follows:
- In the LR and PRR in relation to an issuer of transferable securities, to describe the European Economic Area (EEA) state which was the "home member state" for the purposes of the EU Prospectus Regulation, being, broadly, for issuers of equity securities, the member state where the issuer had its registered office (or for issuers of securities incorporated in a third country, the member state where the securities were intended to be offered to the public for the first time, or where the first application for admission to trading on a regulated market was made).
- In the DTR, regarding an issuer of shares, or debt securities of a denomination per unit of less than EUR1,000, broadly:
- if the issuer was incorporated in the EEA, the EEA state in which the issuer had its registered office; or
- where the issuer was incorporated in a third country, the EEA state chosen by the issuer from among the EEA states where its securities were admitted to trading on a regulated market.
- There were also different definitions of home state for the purposes of the DTR for issuers not covered by the above and for issuers whose securities were no longer admitted to trading on a regulated market in its home state.
The term is still used in other parts of the FCA Handbook. The glossary to the FCA Handbook sets out the full definition of this term. When considering this term in the context of financial services, refer to the FCA Handbook definition (see FCA Handbook: Home state).