Regulatory Alerts2023-12-19
Added · Updated
PS24/6: Primary Markets Effectiveness Review: Feedback to CP23/31 and final UK Listing Rules
The document establishes final rules replacing the existing Listing Rules sourcebook with the new UK Listing Rules sourcebook, effective 29 July 2024. It abolishes the premium and standard listing segments, creating a single commercial companies category for equity share listings that removes shareholder vote requirements for significant and related party transactions while permitting dual-class share structures with a 10-year sunset for enhanced voting rights held by pre-IPO investors. The reforms also align closed-ended investment funds with the commercial companies category, impose sponsor requirements on shell companies and SPACs, and mandate compliance with the UK Corporate Governance Code for the new commercial companies category.
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