Listed Company Update

This bumper Christmas edition looks at the key changes since our last Update and at future developments relevant to Official List and AIM companies.

Looking back ...

LISTING RULES, PROSPECTUS RULES AND AIM RULES

LEI REQUIREMENT FOR OFFICIAL LIST AND AIM COMPANIES

Since 1 October 2017, all Official List companies have been required to have a legal entity identifier or "LEI": a unique 20 digit alpha-numeric code which identifies companies participating in financial transactions. The DTRs require Official List companies to submit their LEI to the FCA whenever they make an announcement of regulated information. As a result of MiFID II (which comes into force in January 2018), all AIM companies now also need to have an LEI and should have obtained one by 30 November 2017, in accordance with the LSE's notice. For further details, please see our client notes on these new requirements - Regulated information: new rules for announcements and LEI requirement for AIM companies.

FINE FOR BREACHES OF DTR

In October 2017, FTSE 100 company Rio Tinto Plc was fined over £27 million for breaches of the DTRs, which related to a failure to...