The Financial Conduct Authority has published a discussion paper, as part of its Primary Markets Effectiveness Review, in which it seeks views on reforms to the listing regime: see here (pdf). The FCA is proposing to introduce a single segment regime for commercial companies. Under this regime, companies would be subject to the same eligibility criteria and mandatory continuing obligations, but there would be the option to adopt supplementary obligations.
Under the FCA's proposal, the mandatory continuing obligations would include, amongst other things, the UK Corporate Governance Code and its 'comply or explain' approach. The current controlling shareholder regime would, however, become supplementary.
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