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In early July 2021, HM Treasury published a UK prospectus regime review consultation and the Financial Conduct Authority (FCA) published a primary markets effectiveness review consultation (CP21/21). The consultations propose significant changes to the interlinked prospectus and listing regimes in the UK.
The consultations, together with the FCA’s consultation on special purpose acquisition companies (SPACs)
1, have been launched in response to the recommendations of the UK Listing Review chaired by Lord Hill and published in March 2021
2, and the Independent Strategic Review of UK FinTech chaired by Ron Kalifa OBE and published in February 2021. Those Reviews are part of the Government’s wider plan to reform the UK financial services sector after Brexit and specifically to encourage more companies to list on UK markets.