On 8 February 2019, the FCA published the 20th edition of Primary Market Bulletin (the PMB).

The PMB provides general news and developments within the FCA’s regulatory sphere, as well as changes the FCA has, or is going to make, to its Knowledge Base. The Knowledge Base is the FCA’s source of technical guidance on the Listing Rules, Prospectus Rules and Disclosure and Transparency Rules. The information is designed to help issuers and practitioners interpret these rules.

This edition of the PMB focuses on the use of the name UK Listing Authority, the results of the Debt Market Forum Survey, and the new online portal for submissions to the Issuer Management team. The FCA also discusses how to apply the Listing Rules if an issuer has previously had insufficient distributable reserves to pay dividends. The requirements for reports on payments to governments for certain issuers admitted to trading on a regulated market and whose home state is the UK are also looked at. Also covered are Brexit updates and updates on the Prospectus Regulation.

The PMB also confirms the addition to the FCA Knowledge Base of the following five new notes, which were the subject of consultation in Primary Market Bulletin 18:

  • FCA Technical Note: Quantified Financial Benefits Statements (FCA/TN/315.1);
  • FCA Technical Note: FRS 102 Cash Flow Statement Exemptions (FCA/TN/635.1);
  • FCA Technical Note: Sponsors’ duty regarding directors of listed companies (FCA/TN/718.1);
  • FCA Technical Note: Sponsors’ obligations on established procedures (FCA/TN/719.1); and
  • FCA Technical Note: Sponsors’ obligations on no adverse impact (FCA/TN/720.1).

Five existing technical notes are also noted that as being amended. The FCA is also consulting within the PMB on the following proposed changes to the FCA Knowledge Base:

  • FCA Procedural Note: Sponsor Service Enquiry Line (FCA/PN/912.1) (new note);
  • FCA Procedural Note: Schemes of Arrangement (FCA/PN/913.1) (new note);
  • FCA Technical Note: Compliance with the Listing Principles and Premium Listing Principles (FCA/TN/203.4) (amendment to existing note);
  • FCA Procedural Note: Primary Market Oversight and Listing Transactions – decision making and individual guidance process (FCA/PN/908.2) (amendment to existing note); and
  • FCA Procedural Note: UKLA standard comments (FCA/TN/906.2) (deletion of note).

The deadline for comments on the alterations to the Knowledge Base is 22 March 2019.