2017年-FCA英国金融行为监管局_ukla_309_2_related_party_transactions_content_of_ris_announcement_3页_114kb

Summary of Regulator Assessment: Qualifying Regulatory Provisions

Core Content

This document outlines the FCA's assessment of the UKLA Technical Note: UKLA/TN/309.2 related to related party transactions and the content of RIS announcements. The guidance is part of the FCA's Listing Rules, Prospectus Rules, and Disclosure and Transparency Rules, and is applicable to companies listed on the Official List, particularly those on the premium segment of the London Stock Exchange's Main Market.

The FCA's UK Listing Authority (UKLA) publishes Technical Notes to provide clarity on how the FCA interprets regulatory provisions. This particular note, UKLA/TN/309.2, was issued in November 2015 to reflect changes made in May 2014 to Listing Rule 11.1.10R. These changes replaced the previous requirement for private notification to the FCA and public disclosure in annual reports with a single streamlined disclosure via RIS (Regulatory Information Service) announcement.

Main Views and Key Information

• Objective of the Guidance: To clarify the rules and ensure that companies understand the requirements for disclosing smaller related party transactions.
• Scope of Application: Applies to premium listed companies on the Official List.
• Implementation: The guidance was finalised in November 2015 and became effective from that date.
• Impact Area: National (affecting all areas of the UK).
• Affected Businesses: Companies with a premium listing, including master-feeder funds (some of which are grouped as single entities for listing purposes).
• Estimated Number of Affected Companies: 1,190 (as of 7 February 2017), although the actual number is likely lower due to the master-feeder structure.

Impact on Business

Familiarisation Cost

• Estimated Cost: £57,120 for all 1,190 premium listed companies.
• Assumption: Compliance staff are experienced and work at a rate of £48/hour.
• Time Estimate: Each company is expected to spend less than one hour to review and understand the guidance.
• Note: Most companies may not need to take additional steps since the changes only updated rule references, not the substance of the requirements.

Ongoing Cost

• No Additional Ongoing Costs: The guidance does not impose new obligations. The RIS announcement requirement was introduced via amendment to the Listing Rules, not the guidance itself.
• Existing Obligations: Companies were already required to disclose smaller related party transactions. The new guidance simply streamlines the process by replacing private notification with public RIS announcement.
• Cost Implication: No new cost is expected for ongoing compliance, as the streamlined procedure is already in place.

Additional Information for BIT Score Validation

• BIT Score: 0
• Net Cost to Business (EANDCB): £0
• Net Present Value (NPV): -0.057 (based on 2015 price base)
• Duration of Policy: 10 years

The guidance is considered to have no additional cost to businesses, as it only updates existing procedures and does not introduce new regulatory requirements. The BIT score of 0 reflects that the policy does not impose any new burdens on firms.