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Part II UK Securities Markets, 5 The Listing, Prospectus, and Disclosure and Transparency Rules

Will Pearce, Antonia Kirkby

From: Financial Markets and Exchanges Law (2nd Edition)

Edited By: Michael Blair, George Walker, Stuart Willey

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 11 December 2023

Equity — Prospectus — Listing — Stock market and exchanges — Issue and trading of securities — Shares — Prospectus Directive — Debt — Bonds — Derivatives — Market Abuse Directive (MAD) — Financial Services and Markets Act 2000 — UK Financial Services Authority (FSA) — European Securities and Markets Authority (ESMA) — UK Financial Conduct Authority (FCA) — Insider dealing
5.01 The current UK listing regime in large parts stems from EU legislation enacted as part of the Commission’s Financial Services Action Plan (FSAP). The aim of the FSAP, published in 1999, was to achieve a single financial services market, with no obstacles to cross-border activity and a sound supervisory structure. 5.02 The key FSAP Directives are the Market Abuse Directive (MAD),1 which covers market manipulation and insider dealing, the Prospectus Directive (PD),2 which regulates the prospectus to be published when a company’s securities are to be offered to...
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