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Proposed changes to listing rules

The FSA is consulting (CP12/2) on changes to the listing rules. These are wide-reaching with the key areas the sponsor regime and LR10 and LR11 rules on reverse takeovers, and significant and related transactions. Proposals include the abolition on Class 3 transactions, the ability to buyback over 15% of shares without tender offer, requirements for new supplementary circulars before shareholder meetings, invitations to comment on whether there should be additional protection for investors in premium listed companies and a lot more besides. The FSA state proposals will affect companies that are a UK or overseas issuer with UK-listed securities considering listing your firm’s securities in the UK; advising on the issuance of UK-listed securities; or investing in or dealing with UK-listed securities.
They consider the proposals to be raising issues around protecting investors.