Listing, Prospectus, Disclosure and Transparency Rules

This note outlines the key differences between the eligibility requirements for, and the continuing obligations of, commercial companies with a premium listing of equity shares and those with a standard listing of shares.

This note provides an overview of the functions of the UK Listing Authority and the London Stock Exchange in relation to applications for the listing and trading of securities.

This tool enables subscribers to search the equity capital markets country Q&A in the PLC Capital Markets multi-jurisdictional guide by question and jurisdiction. Simply select the questions and the jurisdictions that you are interested in and click the "submit" button. Please note that the law stated dates for each jurisdiction covered may not be the same. To check the law stated dates for each jurisdiction, please visit the individual article.

A Q&A guide to capital markets law in Spain. The Q&A gives an overview of main equity and debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

On 28 February 2012, the Bank of Georgia announced the completion of its migration to a premium listing of shares on the main market of the London Stock Exchange (LSE). The bank's global depositary receipts (GDRs) had been listed on the LSE since 2006 and it was felt a move to a premium share listing would enhance liquidity. It is the latest in a series of Eastern European companies that have stepped up from their existing GDR listing to a premium share listing, thereby opening up the chance to join the FTSE UK indices. For example, miners Evraz and Polymetal both made the switch from GDRs to a premium listing in November 2011. Other companies from the region, and beyond, are known to be considering the benefits of following the same path. Issuers in Eastern Europe and other emerging markets looking to tap the London capital markets have typically done so through the issuance and listing of GDRs. This article considers why other GDR issuers are also now considering moving to a premium listing.

A Q&A guide to debt capital markets law in Argentina. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Belgium. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Germany. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in India. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Italy. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Argentina. The Q&A gives an overview of the main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to capital markets law in France. The Q&A gives an overview of main equity and debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Belgium. The country-specific Q&A looks at main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Hong Kong. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Indonesia. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in the Russian Federation. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

Following the global financial crisis, securities' regulators worldwide limited or prohibited short selling, fearing that this would lead to a collapse in securities' prices. However, the measures adopted by regulators in individual jurisdictions were not agreed at international level, with the result that the piecemeal approach taken by individual states has led to a lack of harmonisation in how the rules should be applied in cross-border financial transactions. This article examines the steps taken so far in respect of short selling, and considers the measures now being taken to address harmonising these rules at an international level. For a full list of contents visit www.practicallaw.com/capitalmarkets-mjg.

This chapter provides an overview of the current practice in relation to the buyback of equity and debt securities in the Swiss capital markets. This article is part of the PLC multi-jurisdictional guide to Capital Markets. For a full list of contents visit www.practicallaw.com/capitalmarketshandbook.

A Q&A guide to capital markets law in Norway. The Q&A gives an overview of main equity and debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

The European Commission's proposal for a new regulation on OTC derivatives, published on 15 September 2010, mirrors the Dodd-Frank Act. This article examines current OTC derivatives clearing, documentation for CCP clearing models, key legal and operational issues with moving OTC trades to a central clearing platform and the Commission's proposals for OTC derivatives clearing and the equivalent proposals under the Dodd-Frank Act. This article is part of the PLC multi-jurisdictional guide to Capital Markets. For a full list of contents visit www.practicallaw.com/capitalmarketshandbook.

This chapter provides an overview of important Swiss regulatory changes and Swiss "too big to fail" legislative proposals in light of the global financial crisis. It also examines important new capital instruments and proposed related changes to Swiss tax law. This article is part of the PLC multi-jurisdictional guide to Capital Markets. For a full list of contents visit www.practicallaw.com/capitalmarketshandbook.

This tool enables subscribers to search the debt capital markets country Q&A in the Capital Markets multi-jurisdictional guide by question and jurisdiction. Simply select the questions and the jurisdictions that you are interested in and click the "submit" button. Please note that the law stated dates for each jurisdiction covered may not be the same. To check the law stated dates for each jurisdiction, please visit the individual article. Please also note this project is currently being updated so the Q&A tool will not include all available jurisdictions in this subject area.

The European Commission has published a draft delegated regulation amending the Prospectus Regulation (809/2004/EC) as regards the format and content of the prospectus, the base prospectus, the summary and the final terms and as regards the disclosure requirements.

The European Parliament has passed a legislative resolution adopting, with amendments, the European Commission's proposal for a regulation on short selling and certain aspects of credit default swaps. (Free access.)

The government has announced major changes to the UK's financial services regulatory structure including the abolition of the FSA in its current form.

This article examines the two basic models for covered bonds, together with the benefits of covered bonds for investors and issuing institutions. The prospects for the introduction of US legislation on covered bonds are analysed, along with future developments for Europe, the US and cross market. This article is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Cayman Islands. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Japan. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in South Africa. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Switzerland. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in the United States. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in the Cayman Islands. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Ireland. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Mexico. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Sweden. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in UK (England and Wales). The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.