This is an extract of our Pathway To Becoming Listed document, which we sell as part of our Public Limited Companies Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Public Limited Companies Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Pathway to Becoming Listed (FCA) FCA are the Authority FSMA s73(a) s74 s75(1) s75(4) s75(3)
FCA has power to make various rules FCA must maintain official list Admission to list only granted on application made to FCA FCA may not grant application unless it is satisfied that listing rules are met No application to be made in respect of shares of a prescribed kind
FSMA (Official Listing of Security Regulations) Regulation 3 Prescribed Kind means from a private company
FCA make the Listing Rules Standard Listing - LR 2 LR 2.2.1R Must Incorporate in Conformity with its Constitution Companies Act 2006 s755 Only PLC can offer securities to public s4 Companies can start as a plc ss90-96 Private companies must reregister as PLCs551 s561 s271
Directors must have the authority to allot shares Pre-emption rules must be disapplied Company must have a company secretary
LR 2.2.2R Offer Valid SecuritiesSecurities must be validly allotteds2(5a) CA 1985 Ltd only authorised to issue certain amount of share capital s28 CA 2006 Has the effect of bringing old articles in line with the 2006 Act SR needed if not to amend articles MA Directors don't have automatic authority to allot sharess550 CA 2006 Ltd with only 1 class of shares before / after allotment
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