Following Labour's victory in last week's general election, should we expect any material impact on the current changes which are planned to UK company law and regulation?

The short answer is probably not. The new government is focused on growth and as the FT reports today the chancellor is expected to set this as the UK's “national mission” (see Growth is UK’s ‘national mission’, Rachel Reeves declares (ft.com)). In this context we anticipate that the FCA will continue with its reform of the UK Listing Regime. There seems no reason for a change of course. Premium listed companies will soon be able to participate in auctions on an equal footing with listed companies from other jurisdictions. That should make a real difference. 

The steady implementation of the Economic Crime and Corporate Transparency Act 2023 is likely to continue. The same applies to the new UK public offers and admission to trading regime. Although the Public Offers and Admissions to Trading Regulations 2024 have been published a lot of work remains to be done. The FCA is currently developing its consultation proposals with a view to publishing its consultation paper in “summer 2024”.

One area of uncertainty is the approach which the new government will take to establishing the new Audit, Reporting and Governance Authority (ARGA). This was parked by the previous government: Audit and corporate governance reform: ARGA on hold. For the moment we anticipate that state of affairs will continue but we should know soon as The State Opening of Parliament and The King’s Speech is currently scheduled to take place on Wednesday 17 July 2024.

If you would like to discuss this update, please speak to your usual contact at Burges Salmon or contact Nick Graves, head of the firm's Corporate Department.