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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