Transitional Provisions
LR TR 1
Transitional Provisions: General and Venture Capital Trusts
General Transitional Provisions| (1) | (2) Material to which the transitional provision applies |
(3) | (4) Transitional provision |
(5) Transitional provision: dates in force |
(6) Handbook provision: coming into force |
| 1 | Amendments to LR set out in Annex B of the Transparency Obligations Directive (Disclosure and Transparency Rules) Instrument 2006, relating to: (i) DTR 4 and periodic financial reporting; and (ii) DTR 6 in so far as they may relate to, or are required to give effect to, amendments in (i). |
R | The amendments described in column 2 shall have effect as follows: | From 20 January 2007 | |
| 1A | LR provisions referring to Companies Acts 1985, 2006 or related provisions. | R | (1) To the extent that the whole or part of a provision of the Companies Act 2006 is yet to come into force, any reference to that provision or part of it should be read as a reference to the corresponding provision of the Companies Act 1985 currently in force (subject to the application of any relevant transitional provisions in the Companies Act 2006 or the rules). (2) To the extent that the whole or part of a provision of the Companies Act 1985 is no longer in force it shall be read as a reference to the corresponding provision of the Companies Act 2006 or relevant DTR rule that has superseded it (subject to the application of any relevant transitional provisions). |
6 October 2007 | 20 January 2007 |
| 1B | LR 12.4.7 R (2) | R | A company may obtain the approval required by LR 12.4.7 R (2) by extraordinary resolution (rather than a special resolution) if there is a reference to an extraordinary resolution in the company's memorandum and articles which requires or permits it and which continues to have effect by virtue of article 9 and paragraph 23 of Schedule 3 of The Companies Act 2006 (Commencement No.3, Consequential Amendments, Transitional Provisions and Savings) Order 2007. | From 6 February 2008 until further notice | 1 July 2005 |
| (1) | (2) Material to which the transitional provision applies |
(3) | (4) Transitional provision |
(5) Transitional provision: dates in force |
(6) Handbook provision: coming into force |
| 2 | LR 15.2.11 R - LR 15.2.13A R and LR 15.4.7 R | R | Do not apply in respect of a venture capital trust listed before the date this instrument comes into force. | From 28 September 2007 to 28 September 2010 | 28 September 2007 |
| 3 | LR 15.6.8 R | R | Does not apply in respect of a venture capital trust listed before the date this instrument comes into force. | From 28 September 2007 to 28 September 2010 | 28 September 2007 |
- 06/03/2008
LR TR 2
Transitional Provision for closed-ended investment funds listed before 28 September 2007
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision coming into force |
| 1 | LR 15.4.1A R and LR 15.4.1B G | R | LR 15.4.1A R and LR 15.4.1B G do not apply to a closed-ended investment fund listed before 28 September 2007 until the date of the publication of its first annual report after 28 September 2007. | 6 March 2008 | 6 March 2008 |
- 06/03/2008
LR TR 3
Transitional Provisions for Investment Entities already listed under LR 14
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision coming into force |
| 1. | LR 5.2.7A R , LR 14, LR 15 and LR 16 | R | These transitional provisions apply to an entity that is an overseas company and an investment entity and that immediately before 6 March 2008 did not comply with the requirements of LR 15 or LR 16 but complied with the requirements of LR 14. | 6 April 2010 Indefinite | 6 April 2010 |
| 2. | LR 5.2.7A R , LR 14, LR 15 and LR 16 | R | LR 14 continues to apply to the entity for so long as it is listed after that date (and LR 15 and LR 16 do not apply) unless the entity makes an election under rule 3 of these transitional provisions. | 6 April 2010 Indefinite | 6 April 2010 |
| 3. | LR 5.2.7A R , LR 14, LR 15 and LR 16 | R | The entity may by notice in writing given to the FSA elect to comply with the requirements of LR 15 or LR 16 (whichever is applicable to the entity) instead of the requirements in LR 14 from a date specified in the notice. An entity should not give notice under this transitional rule unless it has come to a reasonable opinion, after having made due and careful enquiry, that it can satisfy the requirements of LR 15 and 16 (as the case may be). | 6 April 2010 Indefinite | 6 April 2010 |
| 4. | LR 5.2.7A R , LR 14, LR 15 and LR 16 | R | If an entity gives a notice under TR3 3R of these transitional provisions it must comply with the requirements of LR 15 or LR 16 (as the case may be) from the date specified in the notice and the requirements of LR 14 no longer apply to the entity from that date. | 6 April 2010 Indefinite | 6 April 2010 |
| Note: An entity which intends to give notice under LR 3LR TR 3 3R should consult with the FSA at the earliest possible stage if it intends to comply with the requirements of LR 15 or LR 16 (whichever is applicable to the entity) instead of the requirements in LR 14. | |||||
- 06/04/2010
LR TR 4
Transitional Provision for Issuers with a Premium Listing that are Overseas Companies
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1. | LR 9.8.7 R | R | An overseas company with securities that have a premium listing on 5 April 2010 is only required to comply with LR 9.8.7 R in financial years beginning after 31 December 2009. | From 6 April 2010 | 6 April 2010 |
- 06/04/2010
LR TR 5
Transitional Provision for companies incorporated in the United Kingdom
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1. | LR 9.3.12R (1), (2) and (3) | R | Where a listed company has an authority to disapply statutory pre-emption rights under section 95 of the Companies Act 1985 and that authority remains in force on or after 6 April 2010, the company can continue to rely on it until it expires and will not need to seek a new authority under section 571 of the Companies Act 2006. | From 6 April 2010 | 6 April 2010 |
- 06/06/2011
LR TR 6
Transitional Provision for overseas companies
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1. | LR 9.3.11 R | R | An overseas company with securities that have a premium listing on 6 April 2010 is only required to comply with LR 9.3.11 R after 5 April 2011. | From 6 April 2010 | 6 April 2010 |
| 2. | LR 9.8.7A R | R | An overseas company with securities that have a premium listing on 6 April 2010 is only required to comply with LR 9.8.7A R in financial years beginning after 31 December 2009. | From 6 April 2010 | 6 April 2010 |
| 3. | LR 14.3.24 R | R | An overseas company with securities that have a standard listing on 6 April 2010 is only required to comply with LR 14.3.24 R in financial years beginning after 31 December 2009. | From 6 April 2010 | 6 April 2010 |
- 06/04/2010
LR TR 7
Transitional Provision for issuers with shares that do not confer full voting rights
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1. | LR 10, LR 11, LR 12 | R | (1) This rule applies to an issuer with a premium listing of equity shares that do not confer full voting rights on 6 April 2010. (2) An issuer to which this rule applies may retain a premium listing of equity shares that do not confer full voting rights until 31 May 2012. | From 6 April 2010 to 31 May 2012 | 6 April 2010 |
- 06/04/2010
LR TR 8
Transitional Provisions for the Combined Code
| (1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision coming into force |
| 1. |
LR 9.8.6R (5) and (6) LR 15.6.6R (2) | R | References to provisions in the UK Corporate Governance Code are to be read as references to the equivalent provisions in the Combined Code for accounting periods beginning before 29 June 2010. For the avoidance of doubt, LR 15.6.6R (2) Combined Code Principles B.1 and B.2 became UK Corporate Governance Code Principles D.1 and D.2 respectively; and Combined Code provisions B.1.1 to B.1.6 and B.2.1 to B.2.4 became UK Corporate Governance Code provisions D.1.1 to D.1.5 and D.2.1 to D.2.4 respectively. | From 29 June 2010 to 28 December 2011 | 6 August 2010 |
- 06/01/2011
LR TR 9
Transitional Provision for a company that has a premium listing of equity shares but does not comply with LR 9.2.20R
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1. | LR 9.2.20 R | R | (1) This rule applies to a company that has a premium listing of equity shares but does not comply with LR 9.2.20 R on 1 October 2012. (2) LR 9.2.20 R is not applicable to a company to which this rule applies. | From 1 October 2012 up to and including 31 December 2013 | 1 October 2012 |
- 01/10/2012
LR TR 10
Transitional Provision in relation to new sponsor services
| (1) | (2) Material to which the transitional provisions applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1. | LR 5.6.6 R | R | (1) LR 5.6.6 R does not apply to an issuer with a premium listing. (2) An issuer with a premium listing must contact the FSA as early as possible: (a) before announcing a reverse takeover which has been agreed or is in contemplation, to discuss whether a suspension of listing is appropriate; or (b) where details of a reverse takeover have leaked, to request a suspension. | From 1 October 2012 up to and including 30 December 2012 | 1 October 2012 |
| 2. | LR 5.6.13 R, LR 5.6.17 R, LR 5.6.26 R | R | An issuer with a premium listing is not required to comply with LR 5.6.13 R, LR 5.6.17 R or LR 5.6.26 R from 1 October 2012 to 30 December 2012. | From 1 October 2012 up to and including 30 December 2012 | 1 October 2012 |
| 3. | LR 13.5.27B R | R | (1) LR 13.5.27B R does not apply. (2) Where a listed company proposes to rely on LR 13.5.27R (1)(b), it must submit to the FSA an assessment of the appropriateness of the standards applicable to an investment exchange or multilateral trading facility against the factors set out in LR 13.5.27AG (1) to LR 13.5.27AG (7) and any other factors that it considers should be noted. The assessment must be submitted before or at the time the listed company submits the draft class 1 circular. | From 1 October 2012 up to and including 30 December 2012 | 1 October 2012 |
- 01/10/2012
LR Sch 1
[to follow]
- 06/10/2009
[to follow]
- 06/10/2009
LR Sch 2
[to follow]
- 06/10/2009
[to follow]
- 06/10/2009
LR Sch 3
[to follow]
- 06/10/2009
[to follow]
- 06/10/2009
LR Sch 4
Powers exercised
- 06/10/2009
LR Sch 4.1
See Notes
| The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in LR: | |
| Section 73A (Part 6 Rules) | |
| Section 75 (Applications for listing) | |
| Section 77 (Discontinuance and suspension of listing) | |
| Section 79 (Listing particulars and other documents) | |
| Section 80 (General duty of disclosure in listing particulars) | |
| Section 81 (Supplementary listing particulars) | |
| Section 88 (Sponsors) | |
| Section 89 (Public censure of sponsor) | |
| Section 96 (Obligations of issuers of listed securities) | |
| Section 99 (Fees) | |
| Section 100 (Penalties) | |
| Section 101 (Part 6 rules: general provisions) | |
| Section 138 (General rule-making power) | |
| Section 156 (General supplementary powers) | |
| Schedule 7 (The Authority as Competent Authority for Part VI) | |
- 06/10/2009
LR Sch 4.2
See Notes
- 06/10/2009
LR Sch 5
[to follow]
- 06/10/2009
[to follow]
- 06/10/2009
LR Sch 6
Rules that can be waived
- 06/01/2011
LR Sch 6.1
See Notes
As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973)the
FSA
has power to waive all its rules, other than rules made under section 247 (Trust scheme rules) or section 248 (Scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the
FSA
to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.
- 06/01/2011
LR Sch 6.2
See Notes
In addition section 82 (Exemptions from disclosure) of the Act provides the
FSA
with discretion to authorise omissions from disclosure requirements derived from the Consolidated Admissions and Reporting Directive in the circumstances specified in that section.
- 06/01/2011