February 2024
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This conference examined priorities for developing the UK listing regime.
It was an opportunity for stakeholders and policymakers to discuss options for attracting a wider range of companies to the UK, simplifying rules, as well as supporting market competition and improving investor choice.
It took place in the context of concerns that UK listings have seen a 40% reduction since 2008 and it followed changes put forward for consultation by the FCA in May 2023, with the regulator having also launched a further consultation on the new regime in advance of the expected publication of its final rules in the spring of 2023.
We also expected discussion on wider factors influencing a company’s decision on where to list, such as taxation and remuneration, as well as concerns that measures being put forward, such as the removal of mandatory shareholder votes, could potentially erode shareholder rights and undermine market standards.
We are pleased to have been able to include keynote sessions with: Clare Cole, Director of Market Oversight, Financial Conduct Authority; and Professor Bobby V. Reddy, Professor of Corporate Law and Governance, University of Cambridge.
Overall, areas for discussion included:
- Reviewing the current UK listing regime and market concerns:
- strategies for making the UK’s listing regime more effective, competitive and easier to understand
- assessing post-Brexit implications and priorities for tackling the reduction in the number of companies listing in the UK since 2008
- maximising UK market competitiveness and increasing the attractiveness of the UK for investors
- FCA’s proposals for listing regime reform:
- plans to replace existing standard and premium listing segments with a single category for equity shares in commercial companies
- the potential removal of eligibility requirements that deter early-stage companies
- addressing concerns surrounding the potential impact on shareholder rights and market standards
- Investor rights and transparency:
- addressing risks and burdens for investors, and implications of greater importance on due diligence processes
- assessing the removal of mandatory votes and ensuring shareholder rights remain protected
- impact of removing mandatory three-year financial checks to allow for listing
- Beyond the rules:
- external factors influencing a company’s choice of where to list, including options for taxation and remuneration
- approaches to addressing these barriers and broader considerations for IPOs
The conference was an opportunity for stakeholders to consider the issues alongside key policy officials who attended from DBT; DfT; DSIT; Department for the Economy, NI; GLD; HMRC; Ofcom; and UKIB.
