ADMISSION AND DISCLOSURE STANDARDS Effective: 10 October 2022

ADMISSION AND DISCLOSURE STANDARDS Effective: 10 October 2022

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 the 
Exchange’s markets and additional requirements for designations.
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 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 the Exchange’s markets;
− to promote investor confidence in the markets we operate;
− to maintain the quality and attractiveness of the Exchange’s markets to companies and investors;
− to operate proper and orderly markets; and
− to minimise any overlap with the rules of an issuer’s competent authority.
1.3 Scope
The Standards apply to issuers on the Exchange’s markets, but do not apply to AIM companies (other than 
Schedule 8 in relation to the Voluntary Carbon Market designation). Other than the compliance procedures set 
out at Section 5, the Standards do not apply to 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 the Exchange’s 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 the Exchange’s 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 the Exchange’s Markets
1.4.1 The route to admission
New applicants
To join the Exchange’s 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 the 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 the 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.
Where a prospectus is required to be published prior to admission to trading by the Exchange, the rules 
governing the publication of a prospectus are the Prospectus Regulation and the Prospectus Rules. A 
prospectus may also be required where an issuer is making an offer of its transferable securities to the public.
Issuers seeking admission to the listed segments of the Main Market or PSM should have regard to the relevant 
chapters of the Listing Rules and must be added to the Official List. Issuers applying to Shanghai-London 
Stock Connect or Shenzhen-London Stock Connect should also have regard to Schedule 7.
Issuers seeking admission to the Specialist Fund Segment should have regard to Schedule 4.
Issuers seeking admission to the High Growth Segment should have regard to the “High Growth Segment 
Rulebook” at Schedule 5 and which applies to all issuers seeking admission or admitted to that segment and 
their Key Advisers (as such term is defined in those rules), in addition to these rules.
Issuers seeking admission to ISM should comply with the ISM Rulebook and have regard to Section 5 of the 
Standards, as appropriate and as set out in the ISM Rulebook. 
Issuers seeking admission to Admission to Trading Only should have regard to Schedule 6. 
Prior to admission, new applicants who are applying for admission to trading must submit the appropriate 
forms within the timeframe set out in the Standards. The application includes the issuer’s agreement to be 
bound by the Standards, and all fields must be completed, including the proposed settlement solution for trading 
in the issuer’s securities. The Exchange considers applications on each business day.
Once admitted to trading, securities are traded on the Exchange’s Millennium Exchange trading system. 
Information on the different trading services is available in the Exchange’s Millennium Exchange and the 
TRADEcho Business Parameters, which is available on the Exchange’s website.
1.4.2 Additional guidance for certain securities
Debt securities
Debt securities are admitted to trading on the Main Market, ISM or PSM. They are traded on the Exchange’s 
dedicated trading services for debt securities, including the Order book for Retail Bonds and the Order book for 
Fixed Income Securities. 
Sustainable Bond Market
The Sustainable Bond Market provides for a range of sustainable debt securities and can be granted to issuers
admitted to any of the Exchange’s debt primary markets, subject to the criteria set out in the Sustainable Bond 
Market terms and conditions, as set out on the Exchange’s website.
Depositary receipts
Depositary Receipts are admitted to trading on the Main Market, PSM or ATT Only. They are traded on the 
Exchange’s dedicated trading service for depositary receipts, the International Order Book.

ADMISSION AND DISCLOSURE STANDARDS Effective: 10 October 2022