REG - FTSE Russell - Financial Conduct Authority (UK)
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RNS Number : 8235W FTSE Russell 17 July 2024
FTSE Russell Indices: Financial Conduct Authority (UK) - Financial Markets
Effectiveness Review
17 July 2024
Further to the notice published on 11 July 2024
(https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2612980)
, FTSE Russell confirms that the changes to the UK Listing Regime announced by
the FCA
(https://www.fca.org.uk/publications/policy-statements/ps24-6-primary-markets-effectiveness-review-feedback-cp23-31-final-uk-listing-rules)
which will come into effect on 29 July 2024, will result in changes to the
applicable index ground rules, and specifically the eligibility criteria.
These changes are in line with the projected updates announced by FTSE Russell
on 15 March 2024
(https://research.ftserussell.com/products/index-notices/home/getmethodology/?id=2611925)
and set out in the associated FAQ document
(https://www.lseg.com/content/dam/ftse-russell/en_us/documents/policy-documents/ftse-faq-document-uk-listing-regime-and-ftse-uk-index-series.pdf)
.
FTSE UK Index Series
On 29 July 2024, the new Equity Shares (Commercial Companies) and Closed Ended
Investment Funds listing categories on the Main Market, will become the
eligible listing categories for inclusion to the FTSE UK Index Series,
replacing the Premium Segment which will simultaneously cease to exist.
There will also be additional categories for legacy Standard segment listed
companies: Equity Shares (Transition); and for non-UK incorporates with their
primary listing on another major international market: Equity Shares
(International Commercial Companies Secondary Listing); and for shell
companies, including Special Purpose Acquisition Vehicles: Equity Shares
(Shell Companies).
Current Premium segment listed companies will be automatically mapped to the
new Equity Shares (Commercial Companies) and Closed Ended Investment Fund
categories (as applicable); and Standard segment listed companies will be
mapped to the Equity Shares (Transition), Equity Shares (International
Secondary Listing), and Equity Shares (Shell Companies) categories (as
applicable). Therefore, there will be no immediate impact to the index
composition on day one of the new regime consequent to the Listing Regime
changes.
However, after the introduction of the new regime, companies may decide to
(apply and) transfer to, or list on, the eligible categories, which may result
in them becoming eligible for the FTSE UK Index Series (at the following
quarterly index review, at the earliest, subject to satisfying all other
inclusion criteria).
For the avoidance of doubt, a new issue or an ineligible category security
which lists on the Equity Shares (Commercial Companies) or the Closed Ended
Investment Funds category will need to trade unconditionally on or before 06
August 2024 on the eligible category to satisfy the 20-day trading requirement
as of the index review cut-off date, to be considered for potential inclusion
at the September 2024 index review.
FTSE Global Equity Index Series
Within the FTSE Global Equity Index Series (FTSE GEIS) and associated indices,
where the Premium and Standard segments are both eligible segments for index
inclusion, the Equity Shares (Commercial Companies), Equity Shares
(Transition), and Equity Shares (International Commercial Companies Secondary
Listing) categories will become the eligible categories for index inclusion.
Again, there will be no immediate impact to the index composition on day one
of the new regime consequent to the Listing Regime changes.
For the avoidance of doubt, there will be no change to the eligibility of
Closed Ended Investment Funds (ICB Classification: Closed End Investments -
30204000). They will remain eligible for inclusion to the FTSE UK Index
Series; and remain ineligible for inclusion to the FTSE GEIS and associated
indices.
The updated ground rules and associated documentation will be published on
Friday 26 July 2024, in advance of the new rules coming into effect on Monday
29 July 2024.
For further information please contact FTSE Russell Client Services at
info@ftserussell.com (mailto:info@ftserussell.com) or call:
Australia +61 (0) 2 7228 5659
Hong Kong +852 2164 3333
Japan +81 3 6441 1430
London +44 (0) 20 7866 1810
New York +1877 503 6437
Alternatively please visit our website at lseg.com/ftse-russell
(http://www.lseg.com/ftse-russell)
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