Stretching the rules?

The UK Financial Conduct Authority (FCA) will press ahead with introducing a new category in its “premium” listing rules next month. The change is aimed at attracting companies such as state-controlled Saudi Aramco to London, though the new rules have been tightened following criticism. The FCA’S proposal last year led to suggestions that the UK government had influenced the watchdog to try secure the Saudi energy company’s listing.

Saudi Arabia is expected to float up to 5% in Aramco in Riyadh and an international venue such as London or New York in what is expected to be the biggest initial public offering ever.