2017年-FCA英国金融行为监管局_ukla_tn_7131_sponsors_application_of_principle_to_deal_with_the_fca_in_an_open_and_co_operative_manner_2页_143kb

Regulator Assessment Summary: UKLA/TN/713.1

Core Content

The document outlines a regulatory assessment for the UKLA's Technical Note (UKLA/TN/713.1), which provides guidance to sponsors on the application of Listing Rule 8.3.5R(1). This rule requires sponsors to deal with the Financial Conduct Authority (FCA) in an open and co-operative manner at all times. The technical note aims to clarify how this obligation applies in practice and to help sponsors understand when and how they should engage with the FCA.

Main Points

• Title of Proposal: UKLA/TN/713.1 - Sponsors: Application of principle to deal with the FCA in an open and co-operative manner
• Lead Regulator: Financial Conduct Authority (FCA)
• Date of Assessment: March 2017
• Commencement Date: March 2017
• Origin: Domestic
• Cutting Red Tape Review: Not included
• Geographic Scope: National

Regulatory Activity Overview

• The UKLA's Technical Notes and Procedural Notes are short guidance documents that offer clarity on how the FCA interprets its rules.
• These notes are issued in response to common questions, market feedback, or regulatory developments, without altering the underlying rulebooks.
• Sponsors are firms approved by the FCA to advise listed companies and provide assurances on transactions.
• Sponsors are required to ensure compliance with the FCA's Listing Rules, Disclosure Guidelines, and Transparency Rules.
• The technical note specifically addresses the application of Listing Rule 8.3.5R(1), which mandates open and co-operative dealings with the FCA.
• The guidance includes sponsor responsibilities, the need for communication with the FCA, and implications for other relevant rules.

Affected Businesses

• Type of Business: Sponsors
• Number of Affected Businesses: 41 approved sponsors
• Business Mix: Includes large, medium, and small investment banks, corporate advisory firms, accounting firms, and legal firms

Impact Assessment

• Expected Impact: The guidance is expected to be helpful for all 41 approved sponsors.
• Estimated Time: Each sponsor is expected to spend approximately 1 hour reading, digesting, and disseminating the 3-page note to relevant staff.
• Estimated Cost: At an estimated rate of £48 per hour, the total cost for all sponsors is approximately £2,000.
• Cost Implications: While the guidance may require some time and effort, it does not introduce new regulatory obligations. Sponsors are already familiar with the principle of open and co-operative dealings with the FCA.
• Benefits: The guidance provides clarity on when and how to engage with the FCA, which can aid in meeting regulatory obligations and improving contractual negotiations with third parties. It also helps sponsors understand the FCA's expectations in terms of timing and communication.

Additional Information for BIT Score Validation

• The technical note is not expected to create any additional costs for sponsors, as they are already aware of the underlying rule.
• The guidance serves as a clarification and contextualisation tool rather than an implementation of new regulatory requirements.
• The note is concise and does not significantly alter the existing regulatory framework.
• The estimated cost is based on the assumption that all sponsors will take the time to review and disseminate the guidance, though it is acknowledged that not all may require the same level of engagement.