On 26 January 2012, the Financial Services Authority (FSA) published a consultation paper on a number of proposed changes to the Listing Rules, Prospectus Rules, Disclosure Rules and Transparency Rules (UKLA Rules). The proposed changes aim to update or clarify existing rules in order to reflect changes in market practice and also to incorporate into the UKLA Rules practice notes already issued by the FSA on various matters.
The consultation paper also aims to start a wider debate on the nature and status of premium listing; in particular, whether the premium listing standard remains correctly positioned as a benchmark of high standards.
The FSA's proposed changes cover five areas:
- reverse takeovers
- financial information
- externally managed companies
This briefing provides a description of the main changes proposed and a short commentary.
Kathy Hughes (partner)
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