Today is an important day in the overall timeline for the new UK Listing Regime. Friday 22 March 2024 is the closing date for comments on CP23/31 (Primary Markets Effectiveness Review: Feedback to CP23/10 and detailed proposals for listing rules reforms). So any feedback on the policy positions set out by the FCA in CP23/31 and comments on the tranche 1 draft rules published on 20 December 2023 should be provided today. 

The deadline for feedback on the additional tranche 2 of the draft UK Listing Rules published on 7 March 2024 has been extended until Tuesday 2 April 2024.

The detail

The FCA published CP23/31 on 20 December 2023. CP23/31 included a first tranche (tranche 1) of the new draft UK Listing Rules (UKLRs) and explained that a second tranche (tranche 2) would follow later in Q1 2024. On 7 March 2024 the FCA published an updated draft instrument (UK Listing Rules Instrument 2024 (fca.org.uk) which contains tranche 2 alongside the original tranche 1 drafting to form a complete draft instrument for the new UKLRs. 

The new draft instrument includes: 

• updated commercial company draft rules published in tranche 1
• the remaining proposed UKLRs for listing categories (UKLRs 11 to 19, and UKLRs 22 to 23) other than the commercial companies category, including for closed-ended investment funds and shell companies
• the remaining cross-cutting chapters for all listed securities (UKLR 1, UKLR 2, UKLRs 20 to 21) and 
• transitional provisions

In a separate instrument (the draft UK Listing Rules (consequential amendments) instrument 2024 (fca.org.uk) the FCA also published its proposed consequential changes to other FCA Handbook sourcebooks.

How can we help?

If you would like to discuss the changes to the UK Listing Regime, please speak to your usual contact at Burges Salmon or Nick Graves, head of the firm's Corporate Group.