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Professional Services Market (PSM)

The Professional Securities Market was established by the UKLA and the London Stock Exchange as a market free from EU regulation (it is not regulated for the purposes of MiFID) but still offering the investor protection afforded by being a listed company.

In practical terms, this means that the UKLA must still approve any prospectus or listing particulars, and that regulatory information must be filed with the UKLA.

 

Financial reporting requirements

PSM companies are not subject to the Disclosure and Transparency Rules. Instead, they must prepare an annual report within six months of the year end as set out in Listing Rule 17.3 (link to FCA handbook) in accordance with IFRS as adopted in the EU or the relevant national GAAP. One of the advantages for UK companies is therefore that they can raise bond finance whilst still preparing UK GAAP financial statements.

There are no interim reporting requirements for PSM companies.

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.