The Investment Association (IA) has expressed its disappointment at the Financial Conduct Authority (FCA) rules published today (8 June) regarding the listing of sovereign-controlled companies, which the trade body said fail to protect investor interests.
The 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. Emerging markets managers eye MENA opportunities as specialist assets tumble 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...
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