Listing rules overhaul floated by FSA
Secondary listings and global depository receipts will not qualify for Official List status if proposals are given the go-ahead
The FSA has issued plans that will see listing rules given a major overhaul
if they are endorsed.
Under the proposed changes, Official List status would only be held by
companies with a primary placing on the London exchange, while global depositary
receipts and secondary listings would no longer be ‘London-listed’.
The second proposal would force overseas companies to give investors first
refusal when they issue new shares.
London’s AIM market is an example of non-listed index. AIM is currently
treated as a market platform traded on a recognised stock exchange but what sets
it apart from the main market for
tax purposes is that the FSA excludes AIM from the Official List in its
capacity as the UK listing authority.