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3. Listing Agreement

3.1 A Listing Agreement has to be signed between the issuer of Debt Securities and the Exchange before the listing date and the commencement of trading in the Debt Securities.
3.2 One of the principal objects of the Listing Agreement is to secure the immediate release of information which might be reasonably expected to have a significant effect on the ability of the issuer to meet its commitments. As will be clear from the terms of the Listing Agreement and related notes, the guiding principle is that information which is expected to be price-sensitive should be released immediately it is the subject of a decision. Until that point is reached, it is imperative that the strictest security within the issuer and its advisers is observed.
3.3 Strict compliance with the terms of the Listing Agreement is essential to the maintenance of a fair and orderly securities market and helps to ensure that all users of the market have simultaneous access to the same information. By following its provisions, the issuer should ensure that dealings do not take place between parties, one of whom does not have price-sensitive information which is in the possession of the other. It would be clearly damaging to an issuer's relationship with the holders of its listed Debt Securities and the Agency, if there is an apparent unreadiness to disclose information at the proper time.
3.4 In order to maintain high standards of disclosure, the Agency may require the publication of further information by and impose additional requirements on a existing listed issuer where it considers that circumstances so justify, but will allow representations by the issuer before imposing any such requirements on it which are not imposed on existing listed issuers generally. The issuer must comply with such requirements and, if it fails to do so, the Agency may (where such requirements relate to the publication of information) itself publish the information.
3.5 Issuers must understand that the Listing Agreement creates binding obligations on the issuer and that failure to comply with the terms of the Listing Agreement or any such requirement for further information as is mentioned above may lead to the suspension of dealings in or cancellation of the listing of their Debt Securities.
3.6 The Exchange may from time-to-time in its absolute discretion revise the terms of the Listing Agreement and related notes generally, subject to the approval of the Agency. Such revisions will be communicated to issuers who will be expected to comply with them and may be required to enter into a new Listing Agreement in the revised form by way of confirmation.
3.7 The Exchange is available to all existing listed issuers and new applicants to help and advise in the strictest confidence on the interpretation of the Listing Agreement.
3.8 References in the Listing Agreement to informing the Exchange mean delivery of the relevant information to the Exchange in the manner determined by the Exchange from time-to-time and promulgated by way of a practice note to the Exchange's listing requirements.