The UK’s Financial Services Authority has published a paper that discusses ways to reform its’ listings system.

It notes that the UK market has increased its share of the global initial public offering market in recent years and the UK continues to attract considerable numbers of overseas issuers. The paper seeks views on how the listing regime can best support the competitiveness of its’ capital markets, while also protecting investors.

Sally Dewar, FSA managing director of Wholesale and Institutional Markets, said, “In an increasingly competitive global environment, we are committed to ensuring the listing regime makes a full contribution to the continued international success of UK capital markets while keeping pace with changes in global markets. We welcome a full and open debate on this issue.”

The paper sets out a new structure for the regime in which securities subject to higher standards will be more clearly separated from directive minimum standards. It proposes re-labelling the different listing levels; it explores proposals to relax restrictions on UK companies and create a level playing field for both overseas and UK issuers; and, it examines corporate governance requirements.

As the Alternative Investment Market is a market for non-listed securities, it’s beyond the scope of this discussion paper.

The paper asks for comments by April 14. The next step will be to publish a feedback statement by the third quarter, and a consultation paper with detailed rules will follow subsequently.