The Investment Association (IA) has expressed its disappointment at the FCA rules published today on the listing of sovereign-controlled companies, which the trade body said fail to protect investor interests.
The Financial Conduct Authority (FCA) pushed ahead with the controversial decision to loosen requirements for the listing of sovereign-controlled companies, in efforts to attract a London-based Initial Public Offering (IPO) of the likes of Saudi Arabia's state energy holding Aramco. As of 1 July, "premium" listing rules will take effect, exempting companies controlled by governments from some rules. A sovereign shareholder would not need shareholder approval for a transaction with the company, under the new rules. However, the FCA said any such transactions will have to be disclosed i...
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