The Financial Services Authority (FSA) has announced it will move towards a single listings regime for all UK and overseas closed-ended funds, preventing offshore investment companies from listing under lighter criteria.
Hector Sants, wholesale managing director at the FSA, said: "Throughout our consultation on this aspect of the listing rules, we have been conscious of our responsibility to protect investors while having regard to the competitiveness of the UK market. We are persuaded by the responses that have indicated a preference for a single regime. This will form the basis of our proposals when we consult in June.
"The consultation has also sparked an important debate about the nature of the wider listed market and the segments of the listing regime that carry differing levels of regulatory requirements particularly with regard to overseas companies. We will explore those issues in a separate paper later this year."
A consultation paper setting out details of the proposed single platform will be published in June with a view to implementation taking place in Q1 2008.
Over the next few months the FSA will also hold discussions with stakeholders about the structure and quality of UK listed markets with the aim of publishing either a discussion or consultation paper on the topic later in the year.
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