The FSA has recently published its Policy Statement and
Consultation Paper (CP09/24) on the changes which implement its
review of the listing regime. Following its consultation, the
FSA decided not to make any major structural changes and
instead to focus on segmentation and labelling arrangements. It
did however make significant policy changes in respect of the
corporate governance of, and pre-emption rights for
shareholders in, overseas companies with a "premium" listing
and to the ability of a UK company to have a "standard"
listing. The effective date for most of the new rules is 6
April 2010. However, the FSA has decided to bring forward the
timetable for making a standard listing available to UK
companies and the rule changes to implement this were effective
from 6 October 2009.
Segmentation and labelling The two-tier listing regime is
being retained but re-labelled, with a tier 1 of primary listed