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General functions of the competent authority relating to Official List meaning
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What does General functions of the competent authority relating to Official List mean?
This term describes, in practice, the high‑level tasks carried out by the UK listing authority in regulating the official list. Under Part 6 of the Financial Services and Markets Act 2000 (FSMA), the financial conduct authority (FCA) is the “competent authority” for the Official List. Its general functions are to: (1) make rules (for example, the Listing Rules, and related Disclosure Guidance and Transparency Rules); (2) provide guidance (including technical and procedural guidance to issuers, sponsors and advisers); and (3) determine the policy and principles it applies when performing its functions.
These general functions set the framework within which the FCA administers the Official List, including how it approaches admission to listing, continuing obligations, and supervisory and enforcement priorities. Practitioners rely on these functions for legal certainty and regulatory expectations across England & Wales, Scotland and Northern Ireland.
In Ireland, the expression is used differently in practice: Euronext Dublin administers admission to, and maintenance of, its Official List under its Listing Rules, while the Central Bank of Ireland acts as the competent authority for prospectus approval and transparency. The core idea—rule‑making, guidance and policy‑setting that govern listing regulation—is broadly consistent across both jurisdictions.
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View the related UK Parliament Acts about General functions of the competent authority relating to Official List
UK PARLIAMENT ACTS
[73A Part 6 Rules]
[(1) The [FCA] may make rules (“Part 6 rules”) for the purposes of this Part.(2) Provisions of Part 6 rules expressed to relate to the official list are referred to in this Part as “listing rules”.(3) . . .[(4) Provisions of Part 6 rules expressed to relate to transferable securities are referred to in this Part as “prospectus rules”.(5) In relation to prospectus rules, the purposes of this Part include the purposes of the prospectus [regulation].][(6) Transparency rules and corporate governance rules are not listing rules. . . or prospectus rules, but are Part 6 rules.]]
UK PARLIAMENT ACTS
74 The official list
(1) The [FCA] must maintain the official list.(2) The [FCA] may admit to the official list such securities and other things as it considers appropriate.(3) But—(a) nothing may be admitted to the official list except in accordance with this Part; and(b) the Treasury may by order provide that anything which falls within a description or category specified in the order may not be admitted to the official list.(4) . . .(5) In the following provisions of this Part—. . .“listing” means being included in the official list in accordance with this Part.
UK PARLIAMENT ACTS
[103 Interpretation of this Part]
[(1) In this Part, save where the context otherwise requires—. . .. . .“listed securities” means anything which has been admitted to the official list;“listing” has the meaning given in section 74(5);“listing particulars” has the meaning given in section 79(2);“listing rules” has the meaning given in section 73A;“market operator” means a person who manages or operates the business of a regulated market;“offer of transferable securities to the public” has the meaning given in section 102B;“the official list” means the list maintained by the [FCA] as that list has effect for
