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ShellAnnouncement

17/07/2024 18:00

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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:

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