Outcome of the UK Secondary Capital Raising Review

In July, HM Treasury published the final report of the UK Secondary Capital Raising Review. The review was established following the Hill Review of UK Listings published in March 2021 and seeks to set out a radical approach to reforming the UK listing regime. The primary focus of the review is to make the process of raising secondary capital in the UK more efficient, cost-effective, and dynamic, whilst also promoting a path to digitisation and improved market infrastructure.

The review considered feedback from a range of market participants and capital raising processes in other jurisdictions and sets out detailed recommendations, which will be implemented across varying time frames by several stakeholders. Certain of the recommendations, including those falling within the Pre-Emption Group's control may be implemented immediately, whilst those requiring legislation and amendments to the FCA's rulebook will be subject to consultation processes and extended timetables.

An overview of the review's key recommendations is included in the table below. For a copy of the full UK Secondary Capital Raising Review, please click here.