On May 26, 2022, the U.K. Financial Conduct Authority (“FCA”) published a discussion paper on reforming the U.K.’s listing regime to create a single listing segment for equity shares in commercial companies. The discussion paper builds on one of the recommendations of the U.K. Listing Review, led by Lord Hill, to rebrand the standard listing segment, as well as a previous consultation paper published by the FCA in July 2021. It also forms part of a wider strategy to review the effectiveness of the U.K.’s primary markets, including the ongoing review of the prospectus regime, and the Secondary Capital Raising Review.