The Financial Services Authority (FSA) is engaged in a fundamental review of the listing regime, according to proposals set out in its recently published Consultation Paper 203. Final rules are expected in Spring 2005 for implementation in Summer 2005.
As part of this, the FSA may remove the need for companies to have sponsors, thus putting at risk quality and compliance – an odd move. There is a plan for a shareholder vote on delisting (an eye-catching idea in the light of the Monsoon situation – explained later on – which nonetheless will not really change much) and for the introduction of certain ‘Principles’ which it can point to when its rules are insufficient, as was possibly the case with ‘The Plumber’.
