The FCA has published Consultation Paper 17/21: Proposal to create a new premium listing category for sovereign controlled companies (CP17/21).
In CP17/21 the FCA proposes to amend the listing regime to include a new premium listing category. This new category will be available to commercial companies controlled by a shareholder that is a sovereign country. The investor protections common to the current premium listing (commercial company) category will apply save that the following will be dis-applied for sovereign controlling shareholders: (i) the related party rules; and (ii) the controlling shareholder rules.
The FCA also propose that, in addition to equity shares, the new listing category will be open to commercial companies who instead want their listing of the interests in their equity to be in the form of depositary receipts.
The deadline for comments on CP17/21 is 13 October 2017.