A Glossary of definitions produced by the FSA for interpreting the “FSA Handbook“. View the FSA Glossary Here
The Financial Services Authority is the competent authority responsible for the listing of companies for trading on UK stock exchanges. When acting in this role it is called the UK Listing Authority. Its main role is to maintain the Official List. This is simply a list of all securities it has approved for trading on [...]
The Panel on Takeovers and Mergers (the “Panel” or “Takeover Panel”) is an independent body, which was established in 1968. It has responsibility to issue, review and administer the City Code on Takeovers and Mergers and as it’s name suggests supervising and regulating takeovers and other matters to which the City Code applies. Since 2004 [...]
The AIM market is operated by the “London Stock Exchange“ for smaller growing companies. To join AIM, companies do not need a particular financial track record or trading history. The AIM rules have no minimum requirement in terms of size or number of shareholders. Further information can be had by clicking the link below: www.londonstockexchange.com/aim [...]
In terms of the “FSA Glossary of Definitions” the Official List is the main list of the “United Kingdom Listing Authority” and any corresponding list maintained by a competent authority in another “EEA” (European Economic Area) State. Also See: The UK Corporate Governance Code The Combined Code The UK Stewardship Code for [...]
The Listing Rules are published by the “United Kingdom Listing Authority”. They contain the listing rules made under Section 74 of the Financial Services and Markets Act 2000 and lay down minimum requirements for the admission of securities to listing, the content, scrutiny and publication of prospectuses and listing particulars, and the continuing obligations [...]
In respect of the “City Code”, a bid required under Rule 9, basically where: the bidder and any persons acting in concert acquire shares carrying 30% or more of the voting rights of a target; or if a bidder, together with any concert parties, holding not less than 30% but not more than 50% of [...]
Established in 1990 as a subsidiary of the “Financial Reporting Council“, the panel seeks to ensure that the provision of financial information by public and large private companies complies with relevant accounting requirements. www.frc.org.uk
The Financial Reporting Council (“FRC”) is the regulatory body which sets, monitors and enforces accounting and auditing standards; oversees regulatory activities of the professional accountancy bodies and regulates audits; and promotes high standards of corporate governance. Its subsidiaries include “the Accounting Standards Board” and the “Financial Reporting Review Panel”. http://www.frc.org.uk/
The code is issued by the “Panel” and operated principally to ensure fair and equal treatment of all shareholders in relation to take-overs, and also to provide an orderly framework within which take-overs are conducted. The Code itself and the de facto authority of the Panel are recognised by the Courts with the “Panel” being [...]
For the purpose of the “Listing Rules“, admission means admission of securities to the “Official List of the United Kingdom Listing Authority“, and, for the purpose of the “AIM Rules“, admission means admission od securities to trading on AIM - the Alternative Investment Market of the London Stock Exchange. Also See: The UK Corporate [...]
In the definition of the City Code persons acting in concert are persons who, pursuant to an agreement or understanding (formal or informal) actively cooperate through the acquisition by and of them of shares in a company, in order to obtain or consolidate control of that company. The City Code presumes that, unless otherwise proven, certain categories [...]
The Accounting Standards Board is UK standard-setting organisation that makes, amends and withdraws accounting standards. It is a subsidiary of the Financial Reporting Council. Its aims are to improve standards of financial accounting and reporting for the benefit of users, preparers and auditors of financial information. http://www.asb.org.uk
It really is a bewildering language for those of us who haven’t been taught what terms like “green shoe” or “MiFID”, or “Top Slicing” actually mean. The use of acronyms has become so confusing that it takes longer to check what they mean than for a speaker – or writer – to spell it out [...]
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