The Financial Conduct Authority (FCA) published the 24th edition of its Primary Market Bulletin in October 2019. It contained details of changes to the FCA Guidance Notes on the FCA Knowledge Base, including:
- two guidance notes, Compliance with the Listing Principles and Premium Listing Principles (FCA/TN/203.4) and Primary Market Oversight and Listing Transactions (FCA/PN/908.2), have been amended (and adopted in the form consulted on);
- a new guidance note on Schemes of Arrangement (FCA/PN/913.1), which sets out potential approaches that issuers may take for transactions by way of a scheme in the context of listing and cancellation of securities from the Official List, and a new note on the Sponsor Service Enquiry Line (FCA/PN/912.1) have been added; and
- one guidance note, UKLA standard comments (FCA/PN/906.2), has been deleted.
The FCA also consulted on amendments to the guidance note for closed investment funds on Master-feeder structures (FCA/TN/409.1) and a new note on Class-testing changes to an investment management agreement where there are unquantifiable benefits (FCA/TN/411.1). The consultation closed on 14 November 2019.
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