On 2 December 2021, the UK Financial Conduct Authority (the “FCA”) published a policy statement setting out certain changes to the UK Listing Rules intended to encourage companies to become or stay listed in the UK. These changes follow a recent FCA consultation reviewing the effectiveness of the UK primary markets and form part of the FCA’s response to the UK Government’s review of the UK listing regime, as discussed in our client memo of March 3, 2021.