Secondary Market - Trading Rules
PLUS is committed to the competing market making system as a method of trading the securities admitted on its markets.
The PLUS Trading Rules contain:
- the Admission of Securities to Trading;
- the Trading Rules;
- Transaction Records and Trade Reporting;
- Settlement and Clearance;
- Default; and
- Membership rules for broker dealer and market maker members.
Primary Market
PLUS Markets operates two primary markets, as follows:
Primary Market - PLUS-listed
PLUS operates the PLUS-listed market, a new market launched upon PLUS becoming an RIE. The PLUS-listed market is an EU Regulated Market and companies of all types and domiciles including investment trusts, REITs and structured products will be eligible to join. Companies on the PLUS-listed market will be eligible for ISA investment.
Companies can apply to join the PLUS-listed market in accordance with the new admission and disclosure standards for companies, available for inspection here
This application will be made in conjunction with an application to the FSA (or other EU competent authority) for an Official Listing of the company’s securities.
UK incorporated PLUS-listed companies are subject to the UK company legislation and regulation noted above and will also be subject to the Disclosure and Transparency Rules of the FSA
Primary Market - PLUS-quoted
PLUS Markets admits companies to its PLUS-quoted market in accordance with the PLUS Rules for Issuers. The PLUS Rules for Issuers contain:
- the application requirements for admission to the PLUS-quoted market;
- the continuing obligations of PLUS-quoted issuers once admitted;
- the guidance notes on the PLUS-quoted rules
and can be downloaded here.
In addition to having to comply with the PLUS Rules for Issuers, UK incorporated PLUS-quoted companies are subject to UK company legislation and applicable regulation, in particular:
- the Companies Acts 1985 and 1989, as amended, and the Companies Act 2006 when implemented;
- the Prospectus Directive;
- the Criminal Justice Act 1993 (in particular the Insider Dealing Provisions in Part V);
- the Market Abuse Directive;
- the Financial Services and Markets Act 2000 (“FSMA”) (in particular the Financial Promotions regime); and
- the City Code on Takeovers and Mergers, which applies to PLUS-quoted issuers falling within its scope.
PLUS Corporate Advisers on the PLUS-quoted market
Membership rules for PLUS Corporate Advisers and guidance on the detailed responsibilities of corporate advisers are available in the Corporate Adviser Handbook, which can be downloaded here.
Disciplinary Procedures
The PLUS rules relating to disciplinary procedures and appeals, which apply to issuers and PLUS members, can be downloaded here.