TO BE PUBLISHED January 2027
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The conference will examine next steps for developing the UK listings regime. Planned areas for discussion include strengthening the role of public markets in supporting investment and growth, the relationship between public and private markets, and the impact of recent reforms on market behaviour.
It will bring together stakeholders and policymakers to examine priorities in the context of the Financial Conduct Authority’s closed consultation on proposed changes to the UK Listing Rules for closed-ended investment funds - with final rules expected before the end of the year - as well as early implementation of the new Public Offers and Admissions to Trading Regime in force since January 2026, and the UK Listing Relief from Stamp Duty Reserve Tax announced at the autumn Budget 2025. Delegates will discuss implications of recent reform for attracting more companies to list in the UK and supporting sustained recovery in IPO activity, and whether further regulatory, fiscal or market-led measures may be required to strengthen the UK’s international position and foster greater domestic investment in public markets.
The agenda will consider practical priorities for companies seeking to list or raise further capital, including the operation of the new prospectus framework, the impact of greater flexibility on secondary capital raising, and options for developing operational transparency, shareholder engagement and investor protection. Discussion is also expected on the FCA’s proposed changes to the listing rules for closed-ended investment funds, including board independence, conflicts of interest and minority shareholder protection, alongside preparations for the proposed alignment of listed issuers’ sustainability disclosures with UK Sustainability Reporting Standards from 2027 - with the FCA's policy statement expected in the autumn.
Further sessions will assess the future position of London Stock Exchange’s Alternative Investment Market as a public growth market, following revised rules in effect from August 2026, and its contribution to financing start-ups, scale-ups and growing companies. Delegates will examine the early operation of PISCES and public offer platforms as new routes to accessing capital and widening market participation, including their potential contribution to pathways towards public listing. Discussion will also consider the Invest for the Future Campaign, the distinction between new share offers and secondary trading in private companies, and priorities for supporting innovation and market participation while maintaining safeguards.
Overall areas for discussion include:
- UK listings, IPO activity & competitiveness:
- the market response to recent listings reform - capital raised, liquidity and issuer confidence
- implications of UK valuations, institutional demand, analyst coverage and takeover activity for market attractiveness
- competitiveness of London relative to overseas exchanges and private markets - priorities for further regulatory, fiscal or market-led action
- public offers, prospectus reform & secondary capital raising:
- early implementation of the Public Offers and Admissions to Trading regime - operation of the new prospectus framework
- disclosure, investor protection and flexibility for further capital raising
- UK Listing Relief from Stamp Duty Reserve Tax - effect on new listings, application to regulated markets only, and options for further intervention
- domestic engagement, liquidity & growth capital:
- role of pension funds, asset managers and retail investors in strengthening demand for UK-listed securities
- interaction with the Mansion House reforms and wider reforms for mobilising domestic capital - the UK valuation discount
- liquidity, market depth and long-term investor participation
- AIM, scale-ups & public-market pathways:
- future position of AIM as a distinct public growth market - priorities under revised rules - dual-class share structures - capital access window - removal of comply or explain requirement
- access to capital for start-ups, scale-ups and growing companies - issuer awareness and investor confidence
- pathways from venture and private capital into public markets – implications for the UK’s growth-finance gap
- governance, disclosure & investor confidence:
- FCA review of listing rules for investment entities - eligibility, board independence and conflicts of interest
- minority shareholder protection, activist investment - shareholder engagement
- preparations for UK Sustainability Reporting Standards - Scope 3 reporting, transition plans, proportionality and international alignment
- retail participation & market engagement:
- early response to the Invest for the Future Campaign - reach, engagement, impact on saver behaviour
- contribution of retail participation to liquidity, capital formation and UK economic growth
- consumer protection, financial understanding and confidence as access to public- and private-market offers develops
- private markets, PISCES & public-offer platforms:
- early operation of PISCES - participation, disclosure and development of secondary liquidity in private-company shares
- public offer platforms as alternative to listings - issuer demand - access to growth-company investment
- implications of new private-market arrangements for future listings and companies’ ability to remain private
