FCA welcomes Lord Hill’s Listing Review report

Lord Hill has published his recommendations from the UK Listings Review, which was launched by HM Treasury in November last year.

The FCA supports high regulatory standards in the UK, alongside ensuring our capital markets are dynamic and effective for issuers and investors. Lord Hill’s report provides a valuable contribution in assessing how UK markets and regulation can continue to meet these objectives in future.

The FCA will carefully consider Lord Hill’s recommendations for changes to our listing rules, in line with our objectives, including on free float, dual class share structures, and special purpose acquisition companies (SPACs). Where appropriate, we will act quickly, with the aim of publishing a consultation paper by the summer. This would be open to all stakeholders’ views and responses. Subject to consultation feedback and FCA Board approval, we will seek to make relevant rules by late 2021.

We support the proposal for a fundamental review of the legislative framework for the prospectus regime, with a view to better aligning documentation requirements with the type of transaction being undertaken. The FCA looks forward to working closely with the Government and market participants to discuss and develop policy options that would best achieve this to an ambitious timetable.

Read the UK Listing Review final report (PDF).