The government has this week announced how it intends to take forward the recommendations made in March 2021 by the UK Listing Review (the Review). The Review recommended significant changes to both the UK listing regime and the UK prospectus regime. Click here for our overview of the Review.
The government announcement notes that the FCA has committed to acting quickly in relation to proposals for changes to the listing regime and will publish a consultation by the summer. There will be a specific consultation on SPACs before that.
The FCA has previously indicated that, subject to the consultation processes, it will aim to make new rules and/or guidance on SPACs by early summer 2021 and the wider listing regime rule changes by late 2021.
In relation to changes to the UK prospectus regime, the government will bring forward a public consultation later this year.
The other steps announced include:
- starting in 2022, an annual "State of the City" report by the Chancellor to Parliament;
- HM Treasury will work to bring together an expert group to consider what can be done to improve the efficiency of further capital raising by listed companies; and
- BEIS will take forward the Review's recommendations concerning how technology can be used to improve retail investor involvement in corporate actions and stewardship.
UK Listing Review: Government response