FSA consults on enhancing the effectiveness of the Listing Regime and feedback on CP12/2

02 October 2012

The FSA has published a Consultation Paper proposing numerous changes to the Listing Rules that aim to enhance the effectiveness of the regime. The regulator is also consulting on proposed amendments to the Listing Rules relating to the implementation of the AIFMD.

In CP12/2 the FSA set out some proposals for changes to the Listing Rules, Prospectus Rules and Disclosure Rules and Transparency Rules, which it had identified as being required to ensure that the operational effectiveness of the Listing Regime is maintained.The first part of this publication covers the feedback relating to CP12/2 and includes the final rules.

At the end of the introductory chapter of CP12/2, the FSA also raised some wider issues about the nature of the premium listing standard and undertook, subject to responses, to consider developing specific options or proposals for discussion in a further paper this year. The second part of this publication therefore contains a consultation on proposed amendments to the Listing Rules to enhance the effectiveness of the Listing Regime, and draft rules. At the same time, the regulator is also consulting on proposed amendments to the Listing Rules relating to the implementation of the Alternative Investment Fund Managers Directive (AIFMD).  This is also in the second part of this consultation, again with draft rules.

This paper will be of interest to:

• UK and overseas issuers with UK-listed securities or considering a UK listing of their securities;
• firms advising on the issuance of UK-listed securities;
• firms or persons investing in or dealing in UK-listed securities; and
• consumers who deal and invest in UK-listed securities either directly or indirectly through institutions. The policy proposals raise issues concerned with the protection of investors.

Comments in relation to the Consultation sections of this paper should reach the FSA by 2 January, 2013. There is no deadline for providing comments on the feedback on CP12/2.

Press release - with online response form

See also FSA consults on changes to the Listing Rules to enhance the effectiveness of the regime

Consultation paper

CP12/2: Amendments to the Listing Rules, Prospectus Rules, Disclosure Rules and Transparency Rules

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