On May 3, 2023, the UK Financial Conduct Authority published a consultation paper on significant reforms to the UK’s listing regime. The reforms aim to encourage a more diverse range of companies to list and grow in the UK by creating a single listing segment for equity shares in commercial companies, such that companies will no longer have to choose to apply for a “standard” or “premium” listing. The proposals will establish a more permissive main market regime for commercial companies that is closer aligned with the UK’s main international competitors and, in general terms, represent a move away from prescriptive rules towards a disclosure-based approach.