standard listing

United Kingdom

From 6 April 2010, in relation to securities, a listing that is not a premium listing. A standard listing is subject to requirements based on minimum EU directive standards.

For equity shares of a commercial company, an issuer has a choice under the Listing Rules (LR) as to whether it has a standard listing or premium listing and this determines the requirements it must comply with (LR 1.5.1G(4)). An issuer must comply with the rules applicable to every security in the listing category which applies to each security the issuer has listed (LR 1.6.1G). The categories of standard listing are:

• standard listing (shares). (This relates to a standard listing of shares other than preference shares that are specialist securities.)

• standard listing (debt and debt-like securities).

• Standard listing (certificates representing certain securities).

• Standard listing (securitised derivatives).

• Standard listing (miscellaneous securities).

The glossary to the FSA Handbook sets out the full definition of this term. When considering this term in the context of financial services, reference should be made to the FSA Handbook glossary definition of standard listing.

For further details on standard listings, see Practice note, Listing, Prospectus, Disclosure and Transparency Rules: overview (www.practicallaw.com/1-203-5634).

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