{"id":115245,"date":"2021-03-03T08:57:48","date_gmt":"2021-03-03T08:57:48","guid":{"rendered":"https:\/\/precoinnews.com\/?p=115245"},"modified":"2021-03-03T08:57:48","modified_gmt":"2021-03-03T08:57:48","slug":"britain-to-ease-listing-rules-to-buttress-london-after-brexit","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/britain-to-ease-listing-rules-to-buttress-london-after-brexit\/","title":{"rendered":"Britain to ease listing rules to buttress London after Brexit"},"content":{"rendered":"

LONDON (Reuters) – Britain will modernise its listing rules to attract more high-growth and \u201cblank cheque\u201d SPAC company flotations to London, Finance Minister Rishi Sunak said after a government-backed review said the capital was on the back foot after Brexit.<\/p>

FILE PHOTO: Pedestrians pass the London Stock Exchange in London, Britain August 15, 2017. REUTERS\/Neil Hall<\/figcaption>

The London Stock Exchange is facing tougher competition from NYSE and Nasdaq in New York, and from Euronext in Amsterdam since Britain fully left the European Union on Dec. 31.<\/p>\n

In a bid to keep London globally competitive after Brexit, Sunak commissioned a review of listings rules last November. It was led by former European Commissioner Jonathan Hill and published its recommendations on Wednesday.<\/p>\n

\u201cThe review has more than delivered and I\u2019m keen we move quickly to consult on its recommendations, cementing the UK\u2019s reputation at the front of global financial services,\u201d Sunak said in a statement.<\/p>\n

The Financial Conduct Authority will consult publicly on the proposed changes, though some would require legislation to implement.<\/p>\n

The government faces pressure to act – it announced a fast-track work visa scheme last week for fintechs – after swathes of euro stock and swaps trading left London for Amsterdam and New York after full Brexit in December.<\/p>\n

But asset managers and company directors warn about eroding corporate governance standards by easing listing rules.<\/p>\n

Hill said \u201cthe composition of the FTSE index makes clear another challenge: the most significant companies listed in London are either financial or more representative of the \u2018old economy\u2019 than the companies of the future.<\/p>\n

He added that there was a sense that the financial sector is on the \u201cback foot\u201d due to Brexit and new competition emerging from Amsterdam.<\/p>\n

\u201cThe recommendations in this report are not about opening a gap between us and other global centres by proposing radical new departures to try to seize a competitive advantage,\u201d Hill said.<\/p>\n

\u201cThey are about closing a gap which has already opened up. All the recommendations are consistent with existing practices in other well-regulated financial centres in the USA, Asia and Europe,\u201d Hill added.<\/p>\n

\u2018STATE OF THE CITY\u2019<\/p>\n

Two changes seek to move London in line with New York and other financial centres by allowing founders to list their company while still retaining significant control.<\/p>\n

Hill recommends allowing dual class share structures to give directors and founders enhanced voting rights on certain decisions for five years, a move retail investor groups say is contrary to the \u201cone share, one vote\u201d principle. The minimum \u201cfree float\u201d or amount of a company\u2019s shares or in public hands would be cut from 25% to 15%.<\/p>\n

Hill also recommends liberalising listing rules for special purpose acquisition companies or SPACs, whose flotations in New York have surged over the past year, with Amsterdam also attracting some recently.<\/p>\n

The prospectus, used by companies to set out their initial or secondary offer of shares, should also be fundamentally reviewed to make listing a company faster and simpler, Hill has recommended.<\/p>\n

Hill said regulators in Australia, Singapore, Hong Kong, Japan and the EU have an objective to maintain competitiveness of their financial sector and this would be helpful for Britain\u2019s Finanancial Conduct Authority as well.<\/p>\n

There should also be an annual \u201cState of the City\u201d report form the finance minister to parliament on the financial sector\u2019s competitive position.<\/p>\n

\u201cContinuing to evolve the UK listings regime is key to providing flexibility for companies who want to list in London while maintaining high standards of corporate governance,\u201d said David Schwimmer, chief executive of the LSE Group.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Britain will modernise its<\/p>\n","protected":false},"author":3,"featured_media":115244,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nBritain to ease listing rules to buttress London after Brexit - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/britain-to-ease-listing-rules-to-buttress-london-after-brexit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Britain to ease listing rules to buttress London after Brexit - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Britain will modernise its\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/britain-to-ease-listing-rules-to-buttress-london-after-brexit\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-03T08:57:48+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/03\/cnewsfotor94-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/britain-to-ease-listing-rules-to-buttress-london-after-brexit\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/britain-to-ease-listing-rules-to-buttress-london-after-brexit\/\",\"name\":\"Britain to ease listing rules to buttress London after Brexit - 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