Listings Review Publication and Following Consultations
In March, Lord Hill’s Listings Review was published with 15 recommendations to improve the UK listing environment. We welcomed proposals to rebrand the standard listing segments and reform prospectus requirements.
This was followed by several related consultations, including an FCA consultation on investor protection measures for special purpose acquisition companies (SPACs) published in May. The IA engaged extensively with members on its consultation response via a member roundtable as well as committee and bilateral discussions.
In July, two further consultations were issued, taking forward recommendations from the review. The FCA’s Primary Markets Effectiveness Review focused on how primary markets can work more effectively for both companies and investors and included proposals for specific amendments to the current listing rules, including on dual class share structures, minimum market capitalisation and free float requirements.