Jurisdiction(s):
United Kingdom

Key definition

Listing definition

What does Listing mean? Listing describes the admission of a company’s securities to the official list and, in parallel, to trading on a regulated market (e.g. the London Stock Exchange Main Market or Euronext Dublin), after meeting prescribed eligibility and disclosure standards. In the UK, the Financial Conduct Authority (FCA) maintains the Official List under Part 6 of the Financial Services and Markets Act 2000 and the Listing Rules. Admission confirms compliance with those rules and triggers continuing obligations (e.g. timely disclosure, significant transactions, and related party rules). Premium listings additionally require a sponsor and enhanced standards (including governance and free float) compared...

UK listing and prospectus regime reform since Lord Hill: FCA UKLR 2024 restructuring, SPACs, DCSS, free float, secondary capital raising, investment research and PISCES—recommendations, implementation and status

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Practice notes

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This Practice Note summarises the principal proposals to overhaul the UK Listing regime set out in Lord Hill’s report of 3 March 2021, and outlines how the government and the FCA are progressing those proposals. For more on changes to the listing and prospectus framework, see Practice Notes:

Reform of the UK listing regime—fundamentals
UK prospectus regime reform
The public offers and admissions to trading regime (POATRs)—fundamentals
UK Secondary Capital Raising Review
UK listing and prospectus regime reform—progress tracker —call for evidence

On 19 November 2020, ahead of the end of the Brexit Implementation period, HM Treasury opened a review of the UK listing regime to be led by Lord Hill, a former EU financial services commissioner. The process began with a Call for Evidence inviting market participants’ views on five core topics: free float requirements, dual class share structures, track record conditions, prospectuses, and dual and secondary listings. Broader observations on how the UK’s capital markets could attract more issuers, especially growth companies, were also encouraged. The Call for Evidence closed on 5 January 2021.

Lord Hill’s report—Recommendations

On 3 March 2021, Lord Hill published...

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Web page updated on 22/05/2026

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