Listing Rules Update

A revised version of the United Kingdom Listing Authority (UKLA) Sourcebook, which contains the Listing Rules and Guidance Manual, came into effect on 15 April 2002. The principal amendments are:

• revised rules and guidance to address the new mechanism for disseminating regulatory information, which allows companies to use any one of the seven services approved by the FSA, known as "Regulatory Information Services" and listed in Schedule 12 to the Listing Rules, to make their regulatory announcements
• new rules requiring listed companies to notify the market without delay through a Regulatory Information Service that documents lodged with the UKLA can be inspected by the public at the UKLA's Document Viewing Facility
• new guidance on the factors that the UKLA will take into account when determining whether a new applicant for listing meets the requirement in Rule 3.6(a) that its business be supported by its historic revenue earning record, including guidance on the additional disclosure requirements that may be applied by the UKLA when it admits to listing the shares of a company which does not meet the criteria in Rule 3.6.

The April 2002 edition of the Sourcebook is available from the FSA website at www.fsa.gov.uk/ukla/1_ listinginfo3.html

For further information please contact:

Nick Callister Radcliffe
Corporate Partner
Phone: +44 (0)20 7367 2394
Email: nick.callisterradcliffe@cms-cmck.com

or

Jennifer Watt
Senior Corporate Solicitor
Phone: +44 (0)20 7367 2760
Email: jennifer.watt@cms-cmck.com