UKLR 21.4 Restoring listing

If an issuer has the listing of its securities cancelled, it may only have them readmitted to the official list by re-applying for their listing.

1. (1)

   An issuer that has the listing of any of its securities suspended may request the FCA to have them restored.

2. (2)

   The request should be made sufficiently in advance of the time and date on which the issuer wishes the securities to be restored.

3. (3)

   Requests received for when the market opens should allow sufficient time for the FCA to deal with the request.

4. (4)

   The request may be an oral request. The FCA may require:

   1. (a)

      documentary evidence that the events that led to the suspension are no longer current (for example, financial reports have been published or an appropriate announcement has been made); and

   2. (b)

      written confirmation from the board that the issuer is otherwise in compliance with its obligations under the listing rules, the disclosure requirements, the transparency rules and the corporate governance rules,

   to process the request.

5. (5)

   The FCA will issue a dealing notice on a RIS announcing the restoration.

1. (1)

   If an issuer has requested the FCA to restore the listing of any securities, it may withdraw its request at any time while the securities are still suspended. The withdrawal request should initially be made by telephone and should then be confirmed in writing as soon as possible.

2. (2)

   Even if a request to restore has been withdrawn, the FCA may restore the listing of securities if it believes the circumstances justify it.

1. (1)

   If an underlying instrument is restored, the securitised derivative’s listing will normally be restored.

2. (2)

   For a securitised derivative relating to a basket of underlying instruments that has been suspended, the securitised derivative’s listing may be restored by the FCA, irrespective of whether the underlying instrument has been restored, if:

   1. (a)

      the issuer of the securitised derivative confirms to the FCA that, despite the relevant underlying instrument(s) suspension, a market in the securitised derivative will continue to be made; and

   2. (b)

      the FCA is satisfied that restoring the securitised derivative is not inconsistent with either the protection of investors or the smooth operation of the market.

For a miscellaneous security that carries a right to buy or subscribe for another security, the miscellaneous security’s listing will be restored if the security over which the miscellaneous security carries a right to buy or subscribe is restored.