AJ Bell managing director Kevin Doran comments on proposed changes to UK listing rules put forward by the FCA:
“The loss of Cambridge based chip designer, ARM Holdings, to the US market has clearly stung the government and FCA hard. As the crown jewel of the domestic tech sector, the fact that the company chose the US as its new home when returning to public markets is a sign of how far the UK has fallen since the company de-listed in 2016.
“Like a bouncer at a night-club, the London market has traditionally adopted a stricter dress code than most when it comes to listing rules, whether in the form of restricting dual-listings, votes on major transactions or requiring fuller levels of disclosure when raising capital. Today’s proposal is the effective equivalent of asking the club-goers whether they’re willing to let the trainer wearing ruffians in, in order to keep the party going.”