The Professional Securities Market (PSM) was established by the FCA and the London Stock Exchange. PSM is not a UK regulated market as defined by the Company Act 2006.

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

PSM com­pan­ies are required to comply with the:

• London Stock Exchange’s Admission and Disclosure Standards; and
• relevant provisions of the Prospectus Rules (PR), the Listing Rules (LR), and the Disclosure Guidance & Transparency Rules (DTR). 

Financial reporting requirements

PSM companies 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 Accounting Standards as adopted in the UK 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.

PSM debt securities are exempt from half-yearly reports and interim management statement.