The uk-eu relationship in financial services

Planned UK regulatory reforms
The Listings Review
163. In a statement to the House of Commons on 9 November 2020, the 
Chancellor of the Exchequer, Rt Hon Rishi Sunak MP, announced that he 
would be “setting up a taskforce to make recommendations early next year on 
our future listings regime” in order to “boost the number of new companies 
that want to list here in the UK”. 
219
This review was chaired by Lord Hill.
164. The independent report of this review was published in March 2021. It made 
14 recommendations for reforming the UK’s listing regime. These aim to 
make the UK more attractive for companies planning to list shares to raise 
capital, particularly technology and life science companies.
214 HM Treasury, ‘Review of the UK funds regime: a call for input’, (10 February 2022): 
https://www.gov.
uk/government/publications/review-of-the-uk-funds-regime-a-call-for-input
 [accessed 15 June 2022]
215 HM Treasury, ‘UK Listings Review’, (21 April 2021): 
https://www.gov.uk/government/publications/
uk-listings-review
 [accessed 15 June 2022]
216 HM Treasury, ‘Payments Landscape Review’, (11 October 2021): 
https://www.gov.uk/government/
consultations/payments-landscape-review-call-for-evidence
[accessed 15 June 2022]
217 Financial Conduct Authority, ‘Implementation of the Investment Firms Prudential Regime’, (26 July 
2021): 
https://www.fca.org.uk/publications/policy-statements/ps21-9-implementation-investment-
firms-prudential-regime
[accessed 15 June 2022]
218 HM Treasury, ‘UK Prospectus Regime: a consultation’, (1 March 2022): 
https://www.gov.uk/
government/consultations/uk-prospectus-regime-a-consultation
[accessed 15 June 2022]
219 Listing refers to company shares being on the list of stock that are officially traded on a stock exchange 
(such as the London Stock Exchange). Some stock exchanges allow shares of a foreign company to be 
listed (known as dual listing). Listing is regulated in the UK by the UK Listing Authority.

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44
THE UK-EU RELATIONSHIP IN FINANCIAL SERVICES
165. Lord Hill emphasised to the Committee that many of the recommendations 
made in the Listings Review were “rules that we could have chosen to change 
at any time we wanted to, in or out of the EU, and we had not”.
220
He also said 
that the concerns over the competitiveness of the UK’s listing regime which 
had triggered the review were only partly related to the UK’s departure from 
the EU: “I do not think that you can say it has zero effect, but when during 
the review I was talking to founders [of companies] no one said, ‘I have been 
put off [the UK] because of Brexit’.”
221
166. The Review includes a recommendation that the Chancellor present an 
annual ‘State of the City’ report to Parliament. The Chancellor has agreed 
to deliver the first of these in 2022.
222
In evidence, Lord Hill said that this 
should:
“put some scaffolding in place whereby the Government and the City 
and the regulators, all in one place, would have to ask themselves once 
a year, ‘How have we done?’, ‘Have the changes we have made over the 
last year worked?’, ‘What has worked?’, ‘What has not worked?’, ‘What 
can we do better?’, to try to keep the feet of government and regulators 
to the fire.”
223
167.