Clifford Chance

10 Key Takeaways - How does the 'once in a generation' new UK listing regime benefit listed companies and potential IPO candidates?

11 July 2024

On 11 July 2024, the FCA published the long-anticipated new UK listing rules (FCA Policy Statement 24/6) following a series of consultation papers (see our last two client briefings explaining the papers in detail here and here). The final rules are broadly in line with the most recent draft on which the FCA consulted, save in a number of respects (which we summarise in the key takeaways below). The new rules represent a radical departure from the regime that has been in place for the past 30+ years and restructure the UK listing regime by simplifying it into a single listing category, streamlining eligibility for companies seeking to list in the UK and reducing the burden of ongoing obligations for listed companies. The new rules will take effect on 29 July 2024.

We have summarised below 10 key takeaways on how the new listing regime will impact (i) companies considering an IPO or a secondary listing in London, (ii) companies already listed in London, and (iii) investment banks acting as a listing sponsor on UK transactions.

 

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