The government has published the outcome of the Review of the UK listing regime undertaken by Lord Hill.
The Review, which was launched in November 2020, was set up to look at possible reforms to the UK listing regime that would attract the most innovative and successful firms and help companies access the finance they need to grow (see our blog post here).
The recommendations made by the Review include changes to the rules around the free float requirement and liability for forward-looking information, as well as an overhaul of the prospectus regime, in particular for further issuances by companies that are already listed.
Many of the reforms can be taken forward by the Financial Conduct Authority (FCA) amending the Listing Rules, but others will require primary legislation and so are likely to take longer.
The FCA has welcomed the report and has said it will carefully consider the recommendations. It aims to publish a consultation paper by the summer, and make the relevant rules by late 2021.
We have published a briefing which sets out further information on the key proposals, which is available here.