Stock Markets & Flotations - Introduction

Overview

The course will provide you with a comprehensive overview of the regulatory framework which governs companies listing equity securities in the UK. Using practical examples and case studies the session will familiarise you with the legal and commercial terminology and procedures in this area, particularly in relation to an Initial Public Offering (IPO) on the Main Market of the London Stock Exchange. The course also considers the continuing disclosure and corporate governance obligations of listed companies, admission to AIM, and secondary offerings of shares.

Who is this for?

This course will be of benefit to anyone moving into a corporate finance role in industry or practice, particularly any legal or finance practitioners who are new to this area, or those returning after a career break.

What will you learn?

By the end of this course you will be able to:

• Understand the context of the different UK securities markets
• Describe the role of the FCA and the regulatory framework for companies listed on the Main Market of the LSE (the Part VI Rules)
• Decipher when a Prospectus is required under the Prospectus Rules and what it must contain
• Understand the preparatory steps and procedures leading to a successful IPO (due diligence, verification, marketing, book building and underwriting, and stabilisation)
• Explain the continuing obligations of listed companies, in particular the Disclosure & Transparency Rules, and the corporate governance regime under the UK Corporate Governance Code
• Understand the ‘lighter touch’ regulation relating to an admission to AIM
• Assess the different methods by which a listed company might raise equity capital on the secondary market (rights issue, open offer etc.)
  
  

PSC Elective

This course may be taken as a PSC elective, although it may also be attended by non-trainees.

SRA competencies

B, C