CP21/21: Primary Markets Effectiveness Review

Open consultation: CP21/21
Consultation closed

In this publication, we are seeking views on how primary markets can work more effectively for both companies and investors.

Read CP21/21 (PDF)

Primary, public markets are critical in enabling companies to finance their businesses, which in turn create growth and jobs for the UK economy. Trusted public markets also provide opportunities for investors in a well understood environment with high standards of disclosure and FCA oversight. More companies listing at an earlier stage in their life cycle means more opportunities for investors to share in the returns of those companies as they grow. This forms part of the FCA response to the UK Listing Review, chaired by Lord Jonathan Hill and the Kalifa Review of UK FinTech.

Why we are consulting

This publication aims to serve two purposes. Firstly, we discuss the functioning of the listing regime so we can better understand the purpose and value to both issuers and investors of listing. This will provide key input to how we can improve the regime to make it more efficient and accessible, while keeping high standards for the UK public markets. Secondly, we are consulting on targeted changes to our existing regime to remove barriers to listing and to improve the accessibility of our rulebooks.

Who this applies to

This consultation should be read by:

  • issuers
  • prospective issuers considering a UK listing
  • existing and prospective investors in listed companies, including institutional and individual investors
  • law firms, investment banks and other advisors and intermediaries who may assist issuers
  • exchanges or venue operators 
  • intermediaries who may facilitate, including providing execution and/or marketing of, investments into issuers, whether at initial public offering (IPO) or in secondary markets

This consultation will also be of interest to:

  • trade associations representing the various market participants noted above
  • wider financial market participants, such as research analysts

Next steps

This consultation has now closed.

Subject to consultation feedback and FCA Board approval, we will seek to make relevant rules by late 2021. On the discussion subjects we will provide feedback and issue a potential further consultation on the wider listing regime changes in due course, if appropriate.