The City watchdog’s rewriting of the premium listing rules to accommodate a potential mega-listing in London of Aramco is deplorable
Now we know how the City will be kept open for business after Brexit. If a foreign government, in this case Saudi Arabia’s royal family, doesn’t like the rules in London, the UK is happy to be flexible.
For some, the Financial Conduct Authority’s proposed rewrite of the listing rules to woo state-backed companies is a fuss about nothing. Aramco is an enormous beast that will shower fees on bankers and lawyers, and maybe also burnish London’s standing. It could easily float here under a so-called “standard” listing if it wished. But, if the price of keeping it away from New York is a tweak to the definition of a prestige “premium” listing, so be it.
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