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The FCA proposes reform of Listing Rules

22 June 2022

The Financial Conduct Authority’s (“FCA”) proposed reform of the Listing Rules to increase transparency and encourage more market participation.

The FCA is proposing one single set of eligibility criteria for listing, with the costs of being listed better aligned to the benefits. Complexity adds to costs and makes the benefits harder to realise.

  • Providing greater scope for a wider range of companies to be eligible to list;
  • Empowering investors to make decisions about the quality of companies with potential scope for a prospectus disclosure regime;
  • Listed companies are rightly held up as role models for all other companies and all companies gain from seeing the success that being more sustainable and being more diverse brings to listed companies;
  • Comply or explain regimes that ask listed companies to share with the market not just that they are meeting higher standards, but also how they have gone about doing it with the ‘explain’ element being just as important as the comply element.

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