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UK Listing Review: Hill wants dual-class, Spacs and prospectus reform

Jonathan Hill’s recommendations for UK listing reforms have dug deep into areas at the forefront of capital markets debate in 2021. Here we assess what he has to say.

Free rein: might London make listing easier?
/ Reuters

The City of London has been waiting for months for Jonathan Hill’s review of the UK listing regime, and has plenty to digest now that it has been published. As expected, controversial areas like dual-class shares and special purpose acquisition companies (Spacs) feature strongly.

Under the current regime in London, unequal voting right structures – or dual-class shares – are not permitted for companies listing on London’s Premium segment.