The Exchange carries out a risk assessment of all issuers and conducts surveillance to maintain market integrity. This combines with a continuing obligations regime where there is an easy and speedy notification process and requirements which are sensible and ensure investor protection.
An issuer must appoint two authorised representatives to act as its principal channel of communication with the Exchange on an ongoing basis. They must be directors of the issuer, the secretary of the issuer or other persons acceptable to the Exchange, which may include the appointed sponsor.
There is a requirement to notify the Exchange of certain information, which includes: market data; routine changes to prospectuses; intended/impending corporate actions; AGM/EGM notices and resolutions; annual and interim accounts; changes related to directors; and changes related to auditors and advisers.
Some changes require the explicit approval of the Exchange: prospectuses; circulars; memorandum and articles; directors’ dealings; intention to suspend; and intention to delist.
Certain instructions can be processed within the same day, subject to being received by midday. This information is required to ensure investor protection and the orderly operation of the market.
Breaches of the Listing Rules will lead to enforcement action and frequent breaches may lead to financial sanctions, suspension or delisting.
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