Hogan Lovells Publications | 27 November 2020

HM Treasury UK Listings Review – Call for Evidence

HM Treasury has launched a review of the UK listings regime on the basis that:

The UK listing regime is “ready for review”, in particular in order to reform the regime “to attract the most innovative and successful firms and help companies access the finance they need to grow”.
Departure from the EU will permit the UK to regain full responsibility for its financial services rulebook and to tailor its rules more precisely to the needs of companies, investors and markets.

Underlying the review is an assumption that the UK’s current listing regime may need to be relaxed in order to remain competitive.

The review’s starting point is a call for evidence identifying five specific areas for consideration: the UK’s free float requirements, the ability to list dual class share structures, track record requirements for IPO candidates, the necessity for prospectuses and the attractiveness of London for dual or secondary listings.

In this article, we examine these five areas and the potential implications for prospective issuers and UK listed companies.

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