New Review launched to attract high-quality innovative companies to list in UK
Lord Hill appointed as Chair of UK Listings Review.
- review will propose reforms to listings rules to make it easier for companies to access the finance they need to grow
- review is part of plan to renew the UK’s position as the world’s pre-eminent financial centre
New review to make sure the UK remains one of the most attractive places to list and grow high-quality innovative companies launched today (19 November 2020).
As part of the Chancellor’s plan to strengthen the UK’s position as a leading global financial centre, the UK Listings Review will launch today and be chaired by Lord Hill.
It will review the rules governing how companies raise equity capital on UK public markets and make recommendations to optimise the process.
The UK already has some of the deepest and most liquid equity markets in the world, with over £30 billion raised through the first six months of the pandemic.
The Review will help to attract more high-quality initial public offerings and equity listings to the UK by ensuring that large and small companies – including innovative, high-growth firms from across the globe - can more easily access the finance they need here.
Rishi Sunak, Chancellor of the Exchequer, said:
As we start this new chapter for UK financial services, we want to attract the most successful and innovative companies to list and grow here in the UK.
I am delighted that Lord Hill will be spearheading efforts to reform our listings rules and help companies raise capital in the UK’s open, well-regulated and transparent markets.
More dynamic equity markets will enhance the UK’s position as a world-leading financial centre, and drive growth and innovation across the wider economy.
Lord Hill said:
To drive the economic recovery, we need the strongest possible financial services sector in the UK. Helping to improve the climate for raising capital in London is only one part of getting the whole financial ecosystem right, but I hope it is an area where we can make some quick early progress and help show a path forward.
I am very keen to involve the industry in our work, which is why we are kicking things off today with our Call for Evidence.
Lord Hill will work with people from across the financial services sector, as well as legal and academic experts, to develop a list of recommendations which will be presented to government and the Financial Conduct Authority early next year.
Amongst other measures, the review will consider the rules around free floats, dual class share structures and track record requirements; the requirements to produce a prospectus; and the rules for secondary listings where companies are already listed in countries with high corporate governance standards.
High standards of corporate governance, shareholder rights and transparency will remain a central part of the UK’s attractiveness as an international financial centre, and the review will pay the highest regard to this reputation when making its recommendations.
The review is separate but complementary to the government’s plans to reinforce London’s reputation for clean and transparent markets by introducing a power to block listings on UK financial markets on the grounds of national security.
The objectives and scope of the review are set out in the terms of reference.
Latest News from
HMRC and Advertising Standard Authority launch new action to disrupt promoters of tax avoidance schemes01/12/2020 11:07:00
A joint enforcement notice on misleading adverts is one of several interventions to tackle promoters.
UK government announces pay rise for millions of people27/11/2020 11:27:00
Millions of UK workers to receive increase in pay from April 2021 following rise in the National Minimum Wage and National Living Wage.
Spending review for 'whole UK' will deliver for Scotland26/11/2020 13:38:00
Chancellor Rishi Sunak announces £2.4bn of new funding for Scotland for 2021/22.
Update to 2020-21 government financing remit26/11/2020 11:10:00
Following the publication of the Office for Budget Responsibility’s (OBR’s) Economic and Fiscal Outlook (EFO), the UK Debt Management Office’s (DMO’s) 2020-21 financing remit has been revised.
Chancellor's Spending Review will deliver Jobs and Infrastructure for Northern Ireland26/11/2020 08:15:00
The Chancellor yesterday announced £900m of new funding for Northern Ireland in 2021/22 in the Spending Review.
Spending Review to fight virus, deliver promises and invest in UK’s recovery25/11/2020 15:20:00
The UK Government will provide billions of pounds in the fight against coronavirus, deliver on the promises it has made to the British people and invest in the UK’s recovery, the Chancellor announced today.
Test to Release: England introduces testing strategy for international arrivals24/11/2020 13:14:00
Tests will be at the cost of the traveller to protect the capacity of NHS Test and Trace.
Government announces £300 million Sport Winter Survival Package to help spectator sports in England20/11/2020 08:12:00
Major spectator sports in England will receive a combined £300 million cash injection to protect their immediate futures over the winter period.