We are publishing a discussion paper and a consultation paper as part of our 2016/2017 Business Plan commitment to review the structure of the UK’s primary markets to ensure they continue to serve the needs of issuers and investors. While the two documents are separate and different in nature, they complement each other and many stakeholders in the primary markets will want to read both.
We are looking to prompt a broad discussion about the effectiveness of the UK primary markets landscape, looking in particular at access to capital for issuers and investment opportunities for investors. As part of this, we consider the structure of the listing regime and other areas that may not be properly accommodated by the current primary market framework.
This discussion paper will be of interest to:
We are simultaneously consulting on certain technical enhancements to the Listing Rules. Our proposals cover the premium listing eligibility requirements, the classification of transactions by premium listed issuers, and our approach to suspending an issuer’s listing when a reverse takeover has been announced or leaked.
This consultation paper will be of interest to:
This consultation has now closed.
We will consider your comments and responses to the discussion paper and the consultation paper and provide feedback once the discussion and consultation periods have closed.
Should we choose to advance any specific policy proposals as a result of the responses to the discussion paper, we will issue a further consultation paper.
We will publish our rules in relation to the matters in the current consultation paper in a policy statement in the second half of 2017.