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LAPFF’s response focuses on how to ensure that the UK Listing Regime is fit for purpose and focussed on shareholder and creditor protection, not other market agents’ interests. LAPFF’s response sets out that LAPFF believes that the UK Listing Authority (UKLA), being a unit within the Financial Conduct Authority (FCA), is in the wrong place. LAPFF sets out that there also needs to be clarity as to the investor protection provided by Listing Rules and the investor protection provided by company law.
The current regulatory framework has significant problems, not least due to the Financial Reporting Council (FRC) not dealing with existing company law protections properly.