This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Market Rules

The UK has a range of different exchanges on which equity and debt securities can be traded. Each of these has a different set of (or combination of sets of) applicable rules for financial reporting. Some of these rules are as a result of European law, and common across all regulated markets in the European Economic Area (EEA). Other rules are UK specific and imposed and policed by either the UK Listing Authority (UKLA) (link to Financial Conduct Authority website) – a department of the Financial Conduct Authority (FCA) (formerly known as the Financial Services Authority) – or by the rules of the exchange in question.

European markets are of two types:

  • Those that are ‘Regulated’ for the purposes of the Markets in Financial Instruments Directive (MiFID). A list of regulated markets can be found here(link to European Commission website). The rules of these markets are, broadly, set out in three European Directives:
    • the Prospectus Directive, which sets out the rules for issuing a prospectus – required to make a public offering of securities and/or to seek admission to trading on a Regulated market. In the UK these have been implemented in the UKLA’s Prospectus Rules (link to FCA handbook);
    • the Transparency Obligations Directive, which sets out the rules for ongoing disclosure which cover periodic financial reporting and notification of interests in shares. In the UK these have been implemented in chapters 4-6 of the UKLA’s Disclosure and Transparency Rules (DTR) which can be found here (link to FCA handbook); and
    • the Market Abuse Directive, which sets out rules to prevent market abuse including rules around the disclosure and control of inside information and disclosure of dealings in shares by directors and other senior management of issuers. In the UK these have been implemented in chapters 2-3 of the UKLA’s Disclosure and Transparency Rules (DTR) which can be found here.
  • Those that are not Regulated for the purposes of MiFID and exchange regulated markets and/or multilateral trading facilities.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.