premium listing

United Kingdom

From 6 April 2010, the meaning of this term varies:

• In relation to equity shares (other than those of a closed-ended investment fund (closed-ended funds) or of an open-ended investment company), a listing where the issuer is required to comply with chapter 6 of the Listing Rules (LR) and the other requirements in the LR that are expressed to apply to such securities with a premium listing. This is known as premium listing (commercial company).

• In relation to equity shares of a closed-ended investment fund, a listing where the issuer is required to comply with LR 15 and other requirements in the LR that are expressed to apply to such securities with a premium listing. This is known as premium listing (closed ended investment fund).

• In relation to equity shares of an open-ended investment company, a listing where the issuer is required to comply with LR 16 and other requirements in the LR that are expressed to apply to such securities with a premium listing. This is known as premium listing (open-ended investment companies).

A premium listing includes requirements exceeding those required under relevant EU directives. For equity shares of a commercial company, an issuer has a choice as to whether it has a standard listing or premium listing (LR 1.5.1G).

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 premium listing.

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

Compare standard listing