UK:
FCA Publishes Consultation on a New Category of Premium Listing for Sovereign Controlled Companies
15 November 2017
Shearman & Sterling LLP
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On 13 July 2017, the FCA published a consultation paper
(CP17/21) on its proposal to amend the listing regime to include a
new fourth category of premium listing available to companies that
have a sovereign controlling shareholder.
The FCA believes that this new category will facilitate greater
accessibility to UK markets, whilst upholding the relevant investor
protections. It would allow accessibility for those companies that
cannot, or do not wish to satisfy the rules in respect of
controlling shareholders and related party transactions, but that
do wish to show they meet the other premium listing requirements.
The category would also be accessible for companies wishing to list
their interests in certificates representing securities (also known
as depositary receipts), as well as equity shares.
The FCA proposes to make the following changes, amongst
others:
- introduce key new definitions into the FCA Handbook, such as
"sovereign controlled commercial company", and
"State"; and
- introduce a new Chapter 21 of the Listing Rules, if the new
premium listing category is created.
The consultation paper can be accessed in full here:
https://www.fca.org.uk/publication/consultation/cp17-21.pdf
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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