DP17/2 and CP17/4: Review of the effectiveness of primary markets

Discussion paper: DP17/2
14/02/2017
Consultation paper: CP17/4
14/02/2017
14/02/2017
Consultations close
14/05/2017
Policy statement
Q4 2017

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.

Show DP17/2 (PDF)

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.

Who this applies to

This discussion paper will be of interest to:

  • UK and overseas companies with UK-quoted securities or considering a listing of their securities
  • firms advising issuers on the issuance of UK-quoted securities
  • firms and other persons advising investors in UK-quoted securities
  • firms or persons investing or dealing in UK-quoted securities

Show CP17/4 (PDF)

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.

Who this applies to

This consultation 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

What you need to do

Please send us your comments and responses by 14 May 2017:

Online response form: DP17/2

Online response form: CP17/4

You can also:

  • email us on the discussion paper at: dp17-02@fca.org.uk
  • email us on the consultation paper at​​: ​​​​​cp17-04@fca.org.uk
  • write to: Primary Markets Policy, Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS

Next steps

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.

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