Policy paper

UK Listings Review

The UK Listings Review, chaired by Lord Hill, was launched by the Chancellor on 19 November 2020 as part of a plan to strengthen the UK’s position as a leading global financial centre.

From:
HM Treasury
Published
19 November 2020
Last updated
21 April 2021 — See all updates

Documents

UK Listing Review

PDF, 746 KB, 88 pages

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Call for Evidence – UK Listings Review

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Terms of Reference: Lord Hill’s review on listings

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UK Listings Review: Government response

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Details

The Call for Evidence has now closed and the Review has concluded and published its recommendations.

In November 2020, the Chancellor announced in his ‘Future of Financial Services’ speech to the House of Commons his intention to review listings, and asked Lord Hill to lead this work. The objective of Lord Hill’s review is to propose reforms to the UK listing regime that will attract the most innovative and successful firms and help companies access the finance they need to grow.

The UK Listing review examines how the UK can enhance its position as an international destination for IPOs and improve the capital-raising process for companies seeking to list in London, whilst maintaining the high standards of corporate governance, shareholder rights and transparency for which London is known.

The Review’s key recommendations include:

  • an annual report delivered to Parliament by the Chancellor on the State of the City
  • changes to listing rules, including around dual class share structures, free float requirements and special purpose acquisition vehicles (SPACs)
  • the rebranding and repositioning of the standard listing segment
  • a fundamental review of the prospectus regime
  • consider how technology can increase the involvement of retail investors and the efficiency of capital raising
  • review the FCA’s statutory objectives as part of the Future Regulatory Framework Review to add a duty to take into account the UK’s attractiveness as a place to do business

On 19 April 2021, the Chancellor announced the government’s intentions in response to Lord Hill’s listings review. The government has made commitments in relation to all of the recommendations in Lord Hill’s report that were addressed to it, including to report annually to parliament on the state of the city, and to undertake a fundamental review of the UK’s prospectus regime. This complements the FCA’s commitments to bring forward rule change consultations by the summer (including on Dual Class Share Structures, free floats, and Special Purpose Acquisition Companies).

Published 19 November 2020
Last updated 21 April 2021 + show all updates

  1. Government Response document added

  2. 19 April 2021 written ministerial statement link added

  3. The Call for Evidence has now closed and the Review has concluded and published its recommendations.

  4. Added 'UK Listing Review' document and updated 'Details' section.

  5. First published.

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