London Stock Exchange Admission and Disclosure Standards

London Stock Exchange Admission and Disclosure Standards

SECTION 1: INTRODUCTION
1.1 Overview
This document sets out the rules and responsibilities in relation to a company’s 
admission to trading and ongoing disclosure obligations for companies seeking 
admission, or already admitted, to trading on our markets.
Defined terms are in bold and definitions can be found in the Glossary. 
References to times shall mean London time.
The rules include guidance, which can be located directly below the rule, in italics.
From time to time, the Exchange may also issue separate guidance notes on specific
issues which may affect certain companies.
The rules for trading securities are set out in the “Rules of the London Stock 
Exchange”.
1.2 Purpose
The Exchange operates a regulated market and two MTFs, which are registered 
with the FCA. The Main Market is the Exchange’s regulated market and includes 
issuers admitted to trading on the Official List (premium or standard listing), the 
Shanghai-London Stock Connect Segment, the High Growth Segment and the 
Specialist Fund Segment. The Exchange’s MTFs include AIM and an MTF on which 
all other MTF securities are traded, including ISM, PSM and ATT Only securities.
The Exchange is a Recognised Investment Exchange under UK law. This means 
the Exchange must ensure that all securities admitted to trading on its markets, and 
all dealings in those securities are conducted in accordance with the primary and 
secondary market regulatory obligations set out in the FCA's sourcebook for 
Recognised Investment Exchanges. This requires minimum standards to be placed 
upon companies seeking to have their securities admitted to trading.
In developing the Standards, which are set out this document, we have applied the 
following principles:
• to provide companies which meet the admission requirements with access to 
our markets
• to promote investor confidence in the markets we operate
• to maintain the quality and attractiveness of our markets to companies and 
investors
• to operate proper and orderly markets
• to minimise any overlap with the rules of an issuer’s competent authority.

1.3 Scope
The Standards apply to all issuers on all the Exchange’s markets, but do not apply 
to securities admitted to trading on AIM and derivatives contracts traded on London 
Stock Exchange’s CurveGlobal Markets. Other than the compliance procedures set 
out at Section 5, the Standards do not apply to Securities (as defined in the ISM 
Rulebook) admitted to trading on ISM.
The Standards also apply to an issuer with a prospectus approved by an EEA 
competent authority passporting to the UK for admission of its securities to a 
regulated market (with or without an application for the Official List), in accordance 
with the transitional provisions in Part V of the Official Listing of Securities, Prospectus 
and Transparency (Amendment) (EU Exit) Regulations 2019.
The Standards also apply to a Key Adviser in respect of relevant provisions to the 
High Growth Segment.
Where transferable securities (which have been admitted to trading on a regulated 
market) are admitted to trading on a MTF or the regulated market operated by the
Exchange, without a request from the issuer, the Exchange does not require the
issuer to demonstrate compliance with the initial, ongoing or ad hoc disclosure
obligations set out in the Standards or the disclosure obligations defined in 
paragraph 9ZB of the Recognition Requirements Regulations.
For many issuers, a two-stage admission process will apply to companies who want
to have their securities admitted to trading on our markets, which will involve the 
securities being admitted to listing by the issuer’s securities regulator as well as 
admitted to trading by the Exchange.
We require issuers that are admitted to trading on our markets to comply with the 
disclosure obligations of the issuer’s securities regulator to give investors dealing in 
those securities proper information for determining the current value of the securities 
and confidence that the market is well-regulated.
All of the Exchange’s markets referred to above fall within the definition of a 
“prescribed market” for the purposes of the Financial Services and Markets Act 2000 
(as amended) and are subject to the UK’s market abuse regime.
1.4 Admission to our markets
1.4.1 The route to admission
New applicants
To join our markets, most companies need to show that they have met the minimum
requirements of the relevant competent authority. Companies must also commit to
comply with our Standards. However, we retain discretion and flexibility so that, in 
appropriate circumstances, some areas of the Standards can be tailored to reflect an
individual issuer’s needs. Derogations from these Standards are at the sole 
discretion of the Exchange and requests should be made in writing to the Exchange 
and give sufficient time for the Exchange to consider the request.

London Stock Exchange Admission and Disclosure Standards