The new UK listing regime, part of the implementation in the
UK of the European Financial Services Action Plan (FSAP), will
bring about substantial changes in the approach taken to London
Stock Exchange listed initial public offerings (IPOs) and other
securities listings. The new regime, the final or near final
rules for which were published between March and June this
year, came into effect on July 1. The new regime is the product
of a comprehensive review of the UK Listing Rules by the UK
Listing Authority (UKLA), which began in October 2003, designed
both to implement the various European regulatory changes
(brought about by the new Prospectus Directive and Market Abuse
Directive) and, more generally, to simplify and modernize the
existing listing regime.
The new regime will be based on a revised version of the
existing UKLA sourcebook, which will be divided into three
parts: (i) the prospectus...