The Financial Services Authority (FSA) acting as the UK Listing Authority (UKLA) has, in accordance with the provisions of the Financial Services and Markets Act 2000, the Prospectus Rules and the relevant EU regulation, approved the prospectus submitted by Rosneft for a public offering of depositary receipts.
The issuer can now submit a formal application to list which will be dealt with at a listings hearing.
The FSA is aware that Yukos has lodged an application for leave to apply for judicial review of FSA decisions in this case. Decisions will remain in place unless and until they are affected by a determination by the court.
Background
- The Act, the Prospectus Rules and an EU Regulation set out the information to be included and the vetting process for prospectuses.
- The EU Regulation uses a system of building blocks whereby different types of securities use different annexes. The relevant building block for a prospectus for depositary receipts can be found at Annex X of the Regulation.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
