UK to propose powers to block London listings that pose security risks

1 minute read

A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. REUTERS/Toby Melville

Register now for FREE unlimited access to

May 25 (Reuters) - The UK is set to unveil stricter rules for companies going public on the London Stock Exchange, allowing the listing of companies to be blocked on national security grounds, the treasury department said on Tuesday.

The department said it will launch a public consultation in coming months as part of the plan.

"The UK's reputation for clean, transparent markets makes it an attractive global financial centre. We're planning to bolster this by taking a targeted new power to block listings that pose a national security risk, and will launch a consultation to inform its design in the coming months," a treasury spokesperson said in an emailed statement.

Register now for FREE unlimited access to

The statement comes after finance minister Rishi Sunak said earlier this year that Britain will modernise its listing rules to attract more high-growth company and blank cheque flotations. read more

Earlier in March, Britain's financial regulator, the Financial Conduct Authority, said Britain will use its freedom from European Union rules to regulate markets flexibly and make the City of London even more attractive to global investors. read more

Sunak’s move to block London stock listings on security grounds was previously reported by the Financial Times.

Register now for FREE unlimited access to
Reporting by Akriti Sharma in Bengaluru; Editing by Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.