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LONDON (Reuters) - Britain's leading trade body for the investment industry said proposed rule changes aimed at making it easier for sovereign wealth funds to list would not give investors enough protection.
The Financial Conduct Authority on Thursday said it wanted to loosen the rules on listing state companies, a move many believe is tied to a desire to win business from the impending IPO of Saudi Arabian oil company Saudi Aramco.
Chris Cummings, chief executive of the IA, was critical of the proposed changes to the rules around gaining a 'premium' listing on the London Stock Exchange.
"A premium listed segment without these investor protections is not a premium segment and will not provide the protections that investors expect."
Reporting by Simon Jessop; Editing by Rachel Armstrong