Listing admission is the step at which shares, bonds or other securities are formally accepted for listing and trading on a stock exchange. In some jurisdictions there are two linked decisions: a listing authority admits the securities to an official list, and the exchange admits them to trading on its market. In the United Kingdom the first is made by the Financial Conduct Authority and the second by the exchange.
To be admitted, an issuer must meet eligibility conditions, which typically cover its legal form, the free transferability of the securities, a minimum market value, a minimum proportion of shares in public hands, and a trading or financial record. It must normally publish an approved prospectus. Once admitted, the issuer is bound by continuing obligations on disclosure and governance, and becomes a listed company. The reverse procedure is the delisting process.