Prior to EC legislation dating from 1979, listing of shares on the Stock Exchange was mainly governed by the detailed requirements of the Stock Exchange Regulations on Admission of Securities to Listing
. Rather than perpetuate the term ‘competent authority’, the FSA has adopted what it calls, the UK Listing Authority or ‘UKLA’.
Thus the position is that the FSA is acting as the UKLA. Under the 2000 Act the UKLA has the role of main- training the ‘Official List’ and in accordance with the Directives (and the Listing Rules) will decide upon which securities can be admitted to the Official List and thus traded on the Stock Exchange’s Listed Market (the Main Market).
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