FSA releases reverse takeover rules
Thursday 26 January 2012 - by Karina Whalley
The Financial Services Authority has put forward a number of changes to rules for companies listed in the UK in response to market developments, including on premium listings.
A premium listed company is subject to more rigorous requirements than standard listing rules, including more frequent audited reports which cover over 75 per cent of the business.
The regulator is now seeking comment on whether the premium listing standard needs to be enhanced including by giving minority shareholders rights of veto in important decisions and allowing them to determine the governance arrangements of the company.
The paper also looks at overhauling listing rules on externally managed companies, transactions, financial information requirements and sponsors.
The consultation period closes on 26 April and the FSA is aiming for the implementation of the rules to become effective by the end of summer.
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