Global Debt Group
The Global Debt Group forms part of the UK Listing Authority (UKLA) within the FSA, which acts as the competent authority for listing debt securities in the United Kingdom.
The responsibilities of the Global Debt Group involve assessing the eligibility of companies seeking to list in London. It also reviews and approves prospectuses and listing particulars for debt securities (Debt) and global depositary receipts (GDRs).
Most transactions are channelled through the Central Debt Desk (CDD) which sits within the Global Debt Group. CDD is committed to providing fast and flexible turnaround times, which except for GDRs and high profile or complex transactions, currently stands at a maximum of four working days for first drafts, and a maximum of two working days for further drafts.
The implementation of various European Union directives under the Financial Services Action Plan has reduced regulatory differences amongst member states. However, London remains one of the principal global venues for companies seeking to raise capital. The reasons why companies choose London are:
Choice
London offers issuers a variety of routes through which they can choose to raise capital. Securities that are traded on the London markets range from plain vanilla securities to more exotic alternatives such as derivative securities, sukuk and GDRs. In addition, the London Stock Exchange gives issuers the option of having their securities admitted to the EU regulated market (the Regulated Market) and the non EU regulated market (the Professional Securities Market).
Listing Process
The ease and speed of the listing process differentiates London from its competitors. Issuers can expect a personalised service from a UKLA Debt Specialist throughout the listing process. The UKLA will always endeavour to keep a consistent and risk based approach to the comments it raises. Prior to the prospectus or listing particulars being submitted for review and approval, issuers and their advisors can contact the UKLA Helpdesk to address technical queries. Furthermore, there is no requirement for a listing agent or sponsor to act as the point of interaction between the UKLA and the issuer.
Reputation
London is a global centre for listing and issuing Debt. The benefits of a London listing are underpinned by a principles based regulatory framework. By complying with London’s high standards of disclosure and regulation, an issuer can enhance its standing within the global investment community and make its names, products and services more familiar to investors worldwide.