Hill review: A mountain of changes to the UK listing regime?

On March 3, 2021, the UK Listing Review (led by Lord Hill) published its report setting out a series of wide-ranging recommendations for changes to the UK listing and prospectus regime. These represent the most significant proposed reforms for many years and place a strong emphasis on the regulators’ role in promoting the UK equity capital markets and ensuring they remain sufficiently dynamic and competitive. The recommendations are bold and broad-ranging, although generally the task of proposing detailed rule changes is left to other bodies such as the Financial Conduct Authority (FCA) and HM Treasury (HMT). Nonetheless, the robustness with which the report identifies the need for reform means that we can expect the FCA and Government to follow up with more detailed proposals in the near term – the direction of travel is clear. Indeed, the FCA has welcomed publication of the recommendations and indicated that it intends to make relevant rules by late this year.

Read the full briefing on the changes to the UK listing regime.