Our proposals are the most wide-ranging reforms to the UK’s capital markets in over three decades, driving forward changes to attract the brightest and best companies and ensure investors have the information they need.
Highlights
- Thriving capital markets are the cornerstone of a strong economy and can power sustainable growth. Many factors contribute to a company’s decision to list and an investor’s decision to invest.
- Our listing rules are only one part of the picture but we are doing our bit. We’ve set out our detailed proposals for reforms to the UK listing regime to encourage a more diverse range of companies to list and grow.
- In parallel we’re working on proposed revisions to the UK’s prospectus and public offering infrastructure to make it easier to raise capital.
- We are also refreshing the National Storage Mechanism, the FCA’s online archive of 3.9 million items of regulatory information, to make it more user friendly and help investors make informed decisions.
Much like in Formula One, the role of a governing body is to set regulations designed to reduce the risk of serious harm, whilst at the same time facilitating competitive and exciting races.
Thriving capital markets are the cornerstone of a strong economy and drive the sustainable growth that powers our economic ecosystem.
It is not just about the individual competitor but also the sport; not just about the racetrack, but the entire stadium and the city that looks towards it.
The FCA’S proposals for the new UK Listing Regime
At the FCA, we are committed to strengthening the UK’s position as a global leader in innovation and investment.
This is why, shortly before Christmas, we set out our detailed proposals for reforms to the UK listing regime.
These reforms are aimed at encouraging a more diverse range of companies to list and grow on UK markets, while promoting more investment opportunities for investors.
These are the most wide-ranging and consequential reforms to the UK’s capital markets in over three decades.
Notwithstanding the scope and complexity of these reforms, and not unlike the crew at a pit-stop, we have acted at pace, with agility and ambition.
Following a consultation in May 2023, in which we set out a range of potential measures for discussion, we conducted extensive engagement and acted swiftly on the feedback received.
Our detailed proposals were set out in our consultation paper published in December. Given the nature of the reforms, we are also publishing a restructured, streamlined and more user-friendly UK Listing Rules sourcebook.
To expedite the rule-making process, and provide greater clarity to the market earlier on, the new rulebook is being published in two tranches. The first tranche containing the main rules accompanied our December consultation paper. The second will follow later in this quarter.
The consultation will close on 22 March. Subject to feedback and approval, we aim to publish final rules this summer. Implementation will follow shortly after publication.
During our extensive engagement, we heard from participants from across the market ecosystem.
These include current and prospective issuers, investors, asset managers and owners, pension schemes, advisors, trade bodies, and stakeholder representatives.
We received feedback in a variety of settings. Whether in the form of formal submissions, one-on-one meetings, round tables with trade and industry bodies, as well as C-suite representatives.
One overarching message emerged: that of a need for a reset of the UK’s listing regime. ...
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