Nikhil Rathi, the head of the FCA, said the City watchdog would consult on replacing the current standard and premium listing segments for shares in commercial companies with a single listing category with one set of requirements.
The chief of the Financial Conduct Authority has pledged to review the UK’s listing rules after several British firms ditched the City and opted for New York listings.
“This change, coupled with a focus on transparency, would lead to a significant reform of the FCA’s listing rule book,” the regulator said in a statement today.
Many have blamed the FCA for firms’ decisions to snub London, but Rathi said it was time for a fundamental policy rethink on developing and protecting the UK’s capital markets.
“Rather than simply lamenting these decisions or insisting that a few regulatory levers would change the outcomes, it is important to recognise that [there] has not until now been a fundamental discussion about the entire ecosystem,” he told attendees at the Global Investment Management Summit in London earlier today.
“That lack of system-wide focus has come at a time, when the shape of the global economy – and our share of it – has also changed dramatically,” he added...
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