FS17/3 and PS17/22: Review of the effectiveness of primary markets

Discussion paper: DP17/2
14/02/2017
Consultation paper: CP17/4
14/02/2017
Consultations close
14/05/2017
Feedback Statement: FS17/3
26/10/2017
Policy statement: PS17/22
26/10/2017
26/10/2017

In February 2017 we published 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. After considering the feedback received, we are now publishing a Feedback Statement and a Policy Statement to summarise the feedback received and finalise the rules proposed.

Show FS17/3 (PDF)

We are providing an overview on the feedback received in response to Discussion Paper DP17/4. This feedback demonstrates a wide range of views. We have identified three areas that we think merit further exploration and stakeholder engagement including the relative positioning of standard versus premium listing, the provision of patient capital to companies that require long-term investment and retail access to debt markets. We will publish proposals for consultation where appropriate in due course.

Who this applies to

This paper will be of interest to:

  • UK and overseas companies that have listed equity securities or certificates representing equity securities, or are considering a listing of such securities
  • firms advising on the issuance of UK listed securities or certificates representing securities firms or persons investing or dealing in UK listed equity securities or certificates representing equity securities

Show PS17/22 (PDF)

We are making a number of enhancements to the Listing Regime including clarifying the eligibility requirements for a premium listing, introducing a concessionary route to premium listing for property companies, updating how premium listed issuers may classify transactions and changing our approach to the suspension of listing for reverse takeovers. These proposals received overwhelming support from market participants.

Who this applies to

This policy paper will be of interest to:

  • listed companies and companies which may wish to list in the future
  • advisers to listed companies and to companies applying to become listed companies, such as sponsors and legal advisers
  • those investing or dealing in listed companies

Next steps

New rules and related technical notes published in PS17/22 will come into force on 1 January 2018.

We will engage with stakeholders on the three topics flagged in the FS (current split between premium and standard, patient capital and retail access to debt markets) and publish proposals for consultation where appropriate in due course.