Skip to main content

Clifford Chance

Clifford Chance
Briefings

Briefings

The two faces of the FCA's review of UK primary equity markets

23 February 2017

On 14 February 2017, the Financial Conduct Authority (the "FCA") published a consultation paper "Enhancements to the Listing Regime" (CP17/4) (the "Consultation Paper") and a discussion paper "The UK Primary Markets Landscape" (DP17/2) (the "Discussion Paper") as part of its review of the effectiveness of the UK primary markets.

The Consultation Paper mostly proposes a technical simplification and codification of current market practice. However, the Discussion Paper foreshadows the possibility of far-reaching changes to market structures involving, among other things, a potential re-think of standard listings, a new segment for secondary listings by international issuers and the possibility of structural changes to encourage long-term capital.

Download PDF