FCA updates on markets review

FCA has issued:

• a consultation on improving the effectiveness of primary markets: the proposals look to streamline current listing rules to make them easier to understand and less onerous. Among the proposals are to scrap the current standard and premium listing segment with just one category for equity shares in commercial companies. The focus of the new rules would be on investor transparency. FCA seeks views by 28 June; and
• a policy statement and new rules on improving equity secondary markets: again the changes focus on transparency and include also enhancing the quality of trade execution. The changes introduce a “designated reporter” regime which clarifies whose responsibility it is to make sure a trade is made public. The post-trade transparency and designated reporter changes take effect in April 2024, with all other changes taking effect immediately.