UK:
UK FCA Policy Statement On Sponsor Competence And Consultations On Joint Sponsors And Sponsor Conflicts
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On September 26, the Financial Conduct Authority
(FCA) published consultation paper
CP14/21, incorporating its policy statement
CP14/02 (sponsor competence) and other changes
into the Listing Rules and Prospectus Rules.
CP14/21 also includes details of a consultation on joint sponsors
and invited views on sponsor conflicts.
The main change is that the FCA has removed the competency
framework against which sponsors should assess themselves.
LR 8.6.12R(9) now requires sponsors to have effective
systems and controls for compliance with each of the five
competencies found in LR 8.6.7R(2)(b).
The amendments to LR 8, LR 11 and Appendix 1.1 of LR, set out in
the Listing Rules (Sponsors) (Amendment No 5)
Instrument 2014 (FCA 2014/54) come into force on February 1, 2015.
Amendments to LR 5 and LR13, together with the changes to the
Prospectus Rules, each set out in that same instrument, come into
force on October 1. Consultation Paper.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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