Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Listing Rules definition

What does Listing Rules mean? In legal practice, Listing rules means the FCA’s Listing Rules (LR) in the FCA Handbook, which govern admission of securities to the UK Official List and the continuing obligations of issuers once listed. Made under the Financial Services and Markets Act 2000, they are binding regulatory rules (rather than a statutory definition) enforced by the financial conduct authority. Key features include: eligibility and listing principles; premium and standard listing segments; the sponsor regime for premium listings; class tests for significant transactions; related party transaction rules; requirements for shareholder approval, circulars and announcements; and provisions on suspension and cancellation. For...

Employee share schemes and LTIPs under the 2024 UK Listing Rules: approvals, pre-emption rights, discounted options, treasury shares, exemptions and disclosure

Published by a LexisNexis Share Incentives expert

Practice notes

Background and current UK listing regime

A major overhaul of the UK listing framework took effect on 29 July 2024, removing the premium and standard segments and introducing a single listing category for equity shares issued by commercial companies. This consolidates the regime, replacing dual segments with a unified route to listing. The commercial companies category is disclosure-led and sits alongside other listing categories, namely shell companies, secondary listing and closed‑ended investment funds. To implement the reforms, a new UK listing rules sourcebook came into force and the previous Listing Rules sourcebook was revoked. For details, see Practice Note: Reform of the UK listing regime—fundamentals.

The updated regime made no substantive changes to the rules and guidance governing the adoption, approval, operation of and disclosure in respect of employee share incentive schemes, other than the removal of the premium and standard listing segments. However, all relevant rules have been re-numbered within the new UK Listing Rules sourcebook to reflect the structure. The position for employee share incentives is broadly unchanged. This Practice Note reflects the listing regime as it applies with effect from 29 July 2024...

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Web page updated on 21/05/2026

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