London Stock Exchange

Admission and Disclosure Standards

EFFECTIVE 8 May 2017

-i-

Contents

CONTENTS ............................................................................................................... I

GLOSSARY .............................................................................................................. 1

SECTION 1: INTRODUCTION ................................................................................ 10

SECTION 2: ADMISSION CONDITIONS ................................................................ 16

PART 1 Admission Conditions ................................................................... 16

Settlement .......................................................................................... 17

Communication .................................................................................. 17

PART 2 Criteria for certain routes to market .............................................. 18

PART 3 Admission process ....................................................................... 18

SECTION 3: APPLICATION RULES ....................................................................... 20

Introduction ........................................................................................ 20

Provisional application ....................................................................... 20

Formal application ............................................................................. 20

Further issues .................................................................................... 20

Fees ................................................................................................ 20

When Issued Dealing ......................................................................... 20

After admission .................................................................................. 21

Block admission ................................................................................. 21

SECTION 4: CONTINUING OBLIGATIONS ........................................................... 22

General .............................................................................................. 22

Provision of information ..................................................................... 23

Depositary receipts ............................................................................ 23

EEA ETFs .......................................................................................... 23

Settlement .......................................................................................... 24

Fees ................................................................................................ 24

Suspension ........................................................................................ 24

Cancellation ....................................................................................... 25

Compliance and Appeals ................................................................... 25

SECTION 5 - COMPLIANCE PROCEDURES ........................................................ 27

Disciplinary process ...................................................................................... 27

Non-disciplinary appeal process ................................................................... 30

Process and Procedures .............................................................................. 30

Burden of proof .................................................................................. 30

Market guidance ................................................................................ 31

ADMISSION AND DISCLOSURE STANDARDS

-ii-

Warning Notices ........................................................................................... 31

Function of Warning Notices .............................................................. 31

Executive Panel ............................................................................................ 31

Role ................................................................................................ 31

Disciplinary Powers ........................................................................... 31

Appeal powers ................................................................................... 31

Membership ....................................................................................... 32

Confidentiality .................................................................................... 32

Mode of referral when acting as a tribunal of first instance ................ 32

Mode of referral when acting as an appellate tribunal ....................... 33

Procedure .......................................................................................... 33

Deliberations and decisions ............................................................... 33

Appeal ................................................................................................ 34

Changes to the procedures ................................................................ 35

Disciplinary Committee ................................................................................. 35

Role ................................................................................................ 35

Disciplinary powers ............................................................................ 35

Membership ....................................................................................... 35

Secretary ........................................................................................... 36

Confidentiality .................................................................................... 37

Mode of referral ................................................................................. 37

Procedure .......................................................................................... 37

Directions ........................................................................................... 38

The hearing ........................................................................................ 38

Deliberations and decisions ............................................................... 40

Appeal ................................................................................................ 41

Changes to the procedures ................................................................ 41

Appeals Committee ...................................................................................... 42

Role ................................................................................................ 42

Sanctions ........................................................................................... 42

Membership ....................................................................................... 42

Secretary ........................................................................................... 43

Confidentiality .................................................................................... 43

Procedure .......................................................................................... 44

Directions ........................................................................................... 44

ADMISSION AND DISCLOSURE STANDARDS

-iii-

The hearing ........................................................................................ 44

Deliberations and decisions ............................................................... 45

Changes to the procedures ................................................................ 46

Consent orders ............................................................................................. 46

SCHEDULE 1 ADMISSION PROCEDURES ....................................................... 48

Part A Provisional Application.................................................................... 48

Part B Formal Application .......................................................................... 48

Part C Applications for certain securities ................................................... 49

SCHEDULE 2 WHEN ISSUED DEALING ............................................................ 52

SCHEDULE 3 CORPORATE ACTIONS .............................................................. 53

Timetable for corporate actions .......................................................... 53

Timetable for open offer ..................................................................... 54

Continuing obligations for depositary receipt issuers ......................... 55

SCHEDULE 4 SPECIALIST FUND SEGMENT ................................................... 57

SCHEDULE 5 HIGH GROWTH SEGMENT RULEBOOK ..................................... 58

INTRODUCTION ..................................................................................................... 63

SECTION A ADMISSION ..................................................................................... 63

A1: Eligibility for admission ........................................................................... 64

A2: Procedure for admission ........................................................................ 65

SECTION B CONTINUING OBLIGATIONS ......................................................... 67

B1: Continuing eligibility requirements .