Reverse takeover exemptions to be narrowed, FSA says

26 January 2012 at 16:30

Reverse takeover exemptions to be narrowed, FSA says The Financial Services Authority (FSA) has issued a consultation paper on listing rules that could see exemptions for the removal of some acquisitions from reverse takeover requirements narrowed.

In a statement issued today (January 26th), the regulator stipulated that proposed changes would prevent ineligible companies from using reverse takeovers as a “back-door” route to listing.

Under the direction of the FSA, the UK Listing Authority (UKLA) is responsible for listings, but under proposed changes, the watchdog could be where sponsors are directed to confirm that a client is complying with the listing rules.

FSA acting director of markets David Lawton said: “It is important that the listing rules continue to keep pace with marker developments and the needs of investors.”

He added that the consultation would invite debate about government corporate standards, welcoming responses for an appropriate regime in the UK.

Other topics under consideration are premium listings and externally managed companies.

The regulator recently fined David Einhorn and Greenlight Capital £7.2 million for trading on inside information, regarded as market abuse.

Posted by Tony Miller ADNFCR-3006-ID-801275701-ADNFCR

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