The PRI respond to a consultation from the FCA on a series of proposed reforms to improve the effectiveness of UK primary markets and how it might continue to develop to ensure they remain competitive and dynamic.

The PRI commend the FCA for issuing this consultation. In our response, we outline our recommendation that the FCA maintain the one-share, one-vote requirement in the UK premium listing segment rather than introducing dual class shares structures or otherwise, at minimum, adopt sunset provisions. We also recommend the FCA maintained the free float at 25% for the UK premium listing segment.