Treasury speech: reform of capital markets

Bim Afolami, Economic Secretary to the Treasury, has delivered a speech on reforms to reinforce the UK’s capital markets. The speech highlighted that the Government is committed to building on the strong foundations of capital markets in the UK. Highlights from the speech include:

  • the rewriting of the UK’s Prospectus regime aims to make it easier for companies to list and raise capital in UK markets;
  • the FCA’s rewriting of the Listing Rules aims to align the UK’s regulatory regime with international competitors and provide firms with increased flexibility when raising capital;
  • the Government is establishing the Private Intermittent Securities and Capital Exchange System (PISCES) which aims to provide private companies with better access to UK capital markets and improve regulatory coherence between public and private markets;
  • the Government aims to promote UK pension fund holdings in UK listed and unlisted equities, including through their LIFTS initiative;
  • collaboration with international partners is crucial for maintaining the UK’s position. This includes with:
    • Gulf States emerging as important capital markets partners;
    • the EU as our largest financial services trading partner; and
    • China, where the UK should engage when it is consistent with its interests.

Harry Wells