UK FCA Policy Statement On Sponsor Competence And Consultations On Joint Sponsors And Sponsor Conflicts

Author:Mr Howard S. Altarescu, Timothy T. Brown, Harry Denlegh-Maxwell, Francesca Drake, Edward G. Eisert, Steven J. Fink, David Griffiths, Craig Johnston, Douglas S. Mintz, Richard Moudiotis, Robert B. Moyle, Katrina Murphy, Sushila Nayak, David L. Ridenour, Paul F. Rugani, Katie Lieberg Stowe, Darren S. Teshima and Boris Volodarsky

On September 26, the Financial Conduct Authority (FCA) published consultation paper CP14/21, incorporating its policy statement CP14/02 (sponsor competence) and other changes into the Listing Rules and Prospectus Rules. CP14/21 also includes details of a consultation on joint sponsors and invited views on sponsor conflicts.

The main change is that the FCA has removed the competency framework against which sponsors should assess themselves. LR 8.6.12R(9) now requires sponsors to have effective systems and controls for compliance with each of the five competencies found in LR 8.6.7R(2)(b).

The amendments to LR 8, LR 11 and Appendix 1.1 of LR, set out in the...

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