On 2 December 2021, the Financial Conduct Authority (FCA) issued a Policy Statement on changing its listing rules framework. This publication, with an effective date of 10 January 2022, comes after a series of consultations by the regulator as well as several reports by Kalifa and Lord Hill.
The UK Government is, through this change in policy, aiming at increasing the UK’s attractiveness as a listing place against other top jurisdictions.
2020 and 2021 were busy years in the UK Government’s agenda on increasing the attractiveness of its financial sector. The introduction of the updated listing rules regime should be read in parallel with other developments such as the SPAC rules (July 2021), the new LTAF framework (November 2021), or the introduction of a new tax regime for Asset Holding Companies (November 2021) (taking effect from 1 April 2022 and recently released as Schedule 2 to the Finance Bill 2021-22) as well as upcoming conclusions on the reviews of the UK Funds Regime and the VAT treatment on management fees, both currently expected to come out later this year. The trend is clear: maximise opportunities to attract more capital.
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