June 8, 2018 / 7:13 AM / a year ago

UK watchdog to push ahead with new "Aramco" listing category

LONDON, June 8 (Reuters) - Britain’s markets watchdog said it will introduce a new premium listing category next month for sovereign-controlled companies, but with some changes following criticism that it was trying to help London win a possible Saudi Aramco listing.

“In July last year, the Financial Conduct Authority consulted on proposals aimed at encouraging such companies to choose the higher standards of premium listing, rather than standard listing,” the watchdog said in a statement on Friday.

“The FCA thinks there is considerable benefit to investors if corporate issuers agree to meet these additional premium requirements.”

The FCA said that following feedback to its proposal, it has made some changes, including the requirement that the election of independent directors be subject to approval from independent shareholders.

“These rules mean when a sovereign controlled company lists here, investors can benefit from the protections offered by a premium listing,” FCA Chief Executive Andrew Bailey said. (Reporting by Huw Jones. Editing by Ben Martin.)

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