The following pages summarize the listing and registration requirements of the United Kingdom, the United States and Hong Kong that would apply to a company offering and listing shares or deposit securities (“DRs”) on its shares on the London Stock Exchange, the New York Stock Exchange or the Hong Kong Stock Exchange, as well as the persistent liabilities that would apply to a publicly traded company. It is considered below that the company would be a foreign private issuer of U.S. securities law in order to have DRs contributed to the New York Stock Exchange. The UK scheme includes `premium lists` and `standard lists`. Premium lists, which impose higher standards of eligibility, disclosure and persistent commitments, are limited to actions. Standard quotes are available for stocks, RDs and other securities. Take a look at Compare Market for Listing Equity Page to help you decide which market is best for you. In a list directly listed (also known as introduction), a company joins our markets without raising capital. In general, this may be consistent with companies that have already raised capital in another way and have a large number of investors in their shareholder register. Take a look at the Resources section to learn more about the rules for current commitments. 1 A “dominant shareholder” under uk listing rules refers to a person who, together with his associates and the parties who “negotiate together” with him (as used under the city`s code on takeovers and mergers), holds 30% or more of the shares or voting rights in the company. Listing rules (LR) are a set of rules that apply to any company listed on a UK stock exchange and subject to the supervision of the Financial Conduct Authority (FCA).
The list rules set mandatory standards for any entity wishing to list its shares or securities on the public sales list, including executive compensation principles and the obligation to comply with or declare non-compliance with the UK Corporate Governance Code, the disclosure requirements contained in a prospectus prior to the IPO , new share offerings, reference issues, disclosure of price-sensitive information or takeover bids.