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FCA finalises UK Listing Rules overhaul (PS24/6): single commercial companies category replaces premium and standard, disclosure-based transaction regime, revised eligibility and sponsor roles, effective 29 July 2024

Published on: 11 July 2024

Published by a LexisNexis Corporate expert
Legal News
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Article summary

What is the background?

In November 2020, the government ordered an external review of the UK listing regime to bolster the UK as a venue for IPOs and to improve capital-raising processes for companies on UK markets, with a clear focus on making listings more attractive and efficient for issuers. The UK Listing Review Report appeared in March 2021, setting out numerous detailed recommendations for the FCA and the government, triggering a suite of consultations on the listing regime and commencing reforms to the prospectus regime. The FCA’s detailed plans for a major overhaul of the listing regime were presented in consultation paper CP23/31 in December 2023. On 11 July 2024, the FCA confirmed the final shape of the restructured regime in Policy Statement PS24/6 and issued the new UK Listing Rules Sourcebook, which will replace the Listing Rules on Monday 29 July 2024. The end position largely mirrors the proposals in CP23/31.

What are the main reforms to the UK listing regime?

The FCA seeks to deliver a cleaner UK listing architecture, introducing distinct listing categories aligned to issuer type and to security type...

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