The UK Government has decided that the UK Listing Authority will remain a part of the successor to the FSA’s market divisions within the Consumer Protection and Markets Authority.
This is a result of the HM treasury’s consultation, a new approach to financial regulation, where it had strong support for the proposition that the UKLA should remain within the CPMA rather than being merged with the Financial Council to create new companies regulation.
In October 2010, the QCA submitted its response to HM Treasury’s review of the financial regulation in the UK.
A sub-committee made up of representatives from the QCA Markets and Regulations, Legal and Corporate Finance Advisors Committees prepared the response, focusing on the markets and infrastructure aspect of the paper and in particular focusing on the question of where the UK Listing Authority should sit in the new regulatory structures.
The QCA’s response suggested the function of the UKLA will be better suited as part of the Consumer Protection and Markets Authority rather than the Financial Reporting Council. It also highlighted this review as an appropriate time to improve and support the culture of the UKLA.
To read the response in full please click here