Clifford Chance

FCA decisively moves ahead on overhauling the UK Listing Regime

16 January 2024

On 20 December 2023, the FCA published a consultation paper (CP23/31) as a sequel to its consultation paper published in May 2023 (CP23/10) and laid down a definite roadmap for the introduction of the new Listing regime in early H2 2024.

The new consultation paper confirms that the FCA intends to effect very significant reforms to the listing regime, including:

• a single listing segment for commercial companies with less onerous eligibility requirements than currently applicable to premium listings; and
• revamping the continuing obligations of listed companies to move towards a disclosure-driven notification framework.

The new consultation paper is the culmination of the FCA's 'once in a generation' overhaul of the UK listing regime that began in 2020 with the UK Listings Review by Lord Hill and gives companies considering an IPO in London a clear sense of the regulatory direction of travel and enables them to start contemplating the steps for an IPO under the new regime.

Download PDF