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Conclusion: there’s nothing obviously wrong with the UK stock market listing rules

There’s a drive to make UK stock markets more attractive. Changing the listing rules will not necessarily make them so.

The Financial Conduct Authority’s Primary Markets Policy Team has issued a consultation paper, CP23-10, proposing equity listing rule reforms arising from the primary markets effectiveness review.

UKSA and ShareSoc have responded to this review.

We believe a primary competitive driver of stock markets is having a pipeline of good, long term viable businesses seeking public money at the right time and being attractive to investors.

So yes to making the UK Listing Regime more accessible, effective, easier to understand, and competitive for the benefit of both issuers and investors.

But no to either the market itself or its rules being made the main competitive drivers.

We have pointed out where else we have concerns including, again, with dual-class share structures.

There’s a more detailed review coming in the autumn and if you have any thoughts on UK stock market listing rules, please tell us – email



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