The NAPF has responded to the FSA’s consultation on proposed amendments to the Listing Rules to enhance the effectiveness of the Listing Regime. Plans to bolster the corporate governance aspect of the listing rules are important and welcome, however, we have concerns with regards to the dual voting structure as it is currently proposed and we continue to believe that liquidity considerations alone should not determine the free float threshold.

A reputation for high standards of governance, transparency and protection of minority shareholder rights is, in our view, vital to maintaining the reputation, integrity and thus attractiveness of the UK market for both investors and issuers. Therefore the development and promotion of the Standard segment should be a priority, ensuring that there is a natural and appealing home for less mature fast-growing companies wishing to list in London whilst protecting the reputation and integrity of the Premium segment.

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