Being on market

The rules on ongoing obligations are designed to introduce transparency to the issuing process. They broadly relate to inside information, publication of annual accounts, appropriate dissemination of relevant information and the treatment of investors. These rules can be found on the UKLA's website.

Issuers should note that rules differ across the markets and investor base. The Exchange offers a choice of listed markets for debt, providing flexible solutions for debt issuers, while maintaining appropriate standards of investor protection. Debt securities issued under a wholesale regime on the Main Market or on our Professional Securities Market are required to follow less onerous ongoing obligations compared to those issued under a retail regime.

Ongoing obligations for debt on the Main Market

	Main Market
	Retail regime	Wholesale regime
Disclosure of inside information	Yes	Yes
Financial report	Must be made public no later than four months after the end of each financial year	Must be made public no later than six months after the end of each financial year
Publishing half yearly financial reports (with condensed set of financial information, an interim management report and responsibilities statement)	Yes	-
Interim management statements	Yes	-
Annual Information Update	Yes	-
Information requirement for issuers of debt securities (equality of treatments, right by proxy, meeting and payment of interest)	Yes	Yes
Obligations related to dissemination of information	Yes	Yes

Ongoing obligations for debt on the PSM

	Professional Securities Market
Disclosure of inside information (DTR 2)	Yes
Financial report	Must be made public no later than six months after the end of each financial year (in accordance with issuer’s national law and national accounting standards or IAS)
Obligations related to dissemination of information	Yes
If the financial instrument relates to the own shares of the issuer then discharging managerial responsibility rules may apply	-