FCA to consult on more changes to listing rules, Rathi says; U.K. is trying to bolster London’s attractiveness to investors
Britain’s financial markets regulator is considering additional
changes to the country’s stock-market listing rules in an attempt to
capitalize on Brexit to attract more business to the City of London.
The
Financial Conduct Authority’s chief executive officer Nikhil Rathi said
in prepared remarks for a speech Tuesday that the regulator will seek
feedback next month on ways of “removing other barriers to companies
listing” after already this year proposing to ease certain restrictions on special purpose acquisition companies, or SPACs.
“We have an opportunity to act assertively to
meet the needs of an evolving marketplace,” Rathi said at the virtual
City & Financial Global conference of industry executives and
regulators. “Leaving the EU has given us the freedom to tailor our rules
to better suit U.K. markets.”
The FCA’s consultation is likely to respond to
recommendations by Jonathan Hill, a former British financial services
commissioner for the European Union. In a report this year, Hill advised
introducing dual-class share ownership to let company founders keep
greater voting power as well as cutting the amount of equity a company
must sell to outsiders.
The FCA effort is the
latest in a series of steps by the U.K. government to review regulations
since Britain fully left the EU at the start of the year. JPMorgan
Chase & Co., Goldman Sachs Group Inc. and the world’s biggest banks
have shifted thousands of staff and billions of dollars in assets to the
EU from London, while the U.K. this year lost its crown to Amsterdam as
the region’s top place to buy and sell stock....
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