These proposed listing regime reforms aim to encourage a greater range of companies to list and grow on UK markets.
CP23/31, published on 20 December 2023, included a first tranche (tranche 1) of the new draft UK Listing Rules (UKLRs) and explained that a second tranche (tranche 2) would follow later in Q1 2024. We have now published an updated draft instrument on 7 March 2024, which contains tranche 2 alongside the original tranche 1 drafting to form a complete draft instrument for the new UKLRs.
Read UK Listing Rules instrument 2024 (PDF)
The updated draft instrument supersedes Appendix 1 of CP23/31 and should be taken as the full and complete draft UKLRs for consultation purposes.
The new draft instrument publication includes the following new material:
In a separate instrument, we have also published proposed consequential changes to other FCA Handbook sourcebooks:
We have not updated Appendix 3 Handbook origins table of CP23/31 as part of the tranche 2 publication.
The CP23/31 closing date of Friday 22 March 2024 remains unchanged for comments on the full set of policy positions as well as the tranche 1 draft rules published on 20 December 2023.
By exception to the above, we will accept consultation submissions in relation to the additional tranche 2 draft instrument material and the consequential changes instrument until Tuesday 2 April 2024. These can be sent to cp23/[email protected] or submitted via the online response form link below. We may not consider responses received after this date.
We are also in the process of reviewing and updating Technical and Procedural Notes, and we expect to consult on these in two Primary Markets Bulletins, during April and June. We will also publish certain draft forms during that same period.
In CP23/10 in May 2023, we consulted on proposals aimed at making the UK’s listing regime more accessible, effective, and competitive.
Having conducted a broad engagement process and received extensive feedback on our initial proposals and the wider impact our changes may have on the overall UK capital markets ecosystem, we are now setting out our detailed proposed measures.
Our proposals to create a simpler, more disclosure-based listing regime with a single commercial company category are aimed at helping boost UK growth and competitiveness by making our regime more attractive to a wider range of companies, so they list and grow here. This should also provide greater opportunities for investors, while still keeping high standards of disclosure so shareholders retain the ability to exercise stewardship and other rights to influence company behaviour. This also involves some re-balancing of risk as part of ensuring the market overall supports the risk appetite the economy needs.
We remain open to further views and evidence from all sides of the market on whether we have got the balance right.
The following should read this document in its entirety:
The following will also be interested in this consultation, among others:
UPDATE:
Respond to our consultation via:
Our proposals have different deadlines for feedback:
Thriving capital markets are critical to building the conditions for a strong and sustainable economy that allows innovation, growth, and investment.
That is why we are driving forward with detailed proposals for the most far-reaching reforms of the UK's listings regime in three decades, following CP23/10 in May 2023.
In our three-year strategy we committed to seizing the opportunity to further strengthen the attractiveness of UK capital markets. This consultation on the detailed rules is the next milestone as we deliver on that promise at pace. We will continue to do our part to encourage a wide and diverse range of companies to list in the UK, and for investors and markets to have greater choice and opportunity in a healthy and thriving public markets ecosystem.