FCA Review of UK Listing Rules for Investment Entities
Summary
The FCA is reviewing UK Listing Rules concerning investment entities, specifically eligibility criteria and risk-spreading requirements. The review aims to assess potential changes to these rules and will involve targeted work on board responsibilities. Proposals will be set out in a consultation paper.
What changed
The Financial Conduct Authority (FCA) has initiated a review of specific aspects of the UK Listing Rules as they apply to investment entities. This review, stemming from the Primary Markets Effectiveness Review, will assess whether current eligibility criteria, particularly those related to risk-spreading, are unduly restrictive based on stakeholder feedback. Additionally, the FCA will examine how its rules, in conjunction with company law, ensure strong shareholder rights, effective board management of conflicts of interest, and robust shareholder engagement.
The FCA plans to publish its proposals in a consultation paper by the end of 2026. Regulated entities, particularly public companies and fund managers involved with investment entities, should prepare to engage with the upcoming consultation. The outcome of this review could lead to amendments in listing requirements, impacting how investment entities structure their operations and governance to meet eligibility criteria.
What to do next
- Monitor for the FCA's consultation paper on UK Listing Rules for investment entities.
- Review current eligibility criteria and risk-spreading practices for investment entities against potential rule changes.
- Prepare to provide feedback during the upcoming consultation period.
Source document (simplified)
UK Listing Rules for investment entities review
Statements First published:
03/03/2026
Last updated: 03/03/2026 Linkedin Twitter
We are bringing forward a review of some aspects of the UK Listing Rules to consider how they apply to specific types of investment entities.
As part of the Primary Markets Effectiveness Review we explored which types of investment entities could be eligible to be listed. Since introducing the new listing rules we have heard from stakeholders that these eligibility criteria, particularly regarding risk-spreading, may be unduly restrictive. We will use this review to assess if changes should be made.
As part of this review, we will also conduct targeted work to assess how our rules, in the context of company law, ensure that boards support strong shareholder rights and engagement and manage conflicts of interests.
We plan to set out proposals in a consultation paper and to complete the work by the end of the year.
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