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Allowing dual class share structure companies in the Premium listing segment of the London Stock Exchange : appreciating international experiences and recognizing local conditions
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Ho, John Kong Shan (2021) Allowing dual class share structure companies in the Premium listing segment of the London Stock Exchange : appreciating international experiences and recognizing local conditions. Capital Markets Law Journal, 16 (3). pp. 356-390. doi:10.1093/cmlj/kmab016 ISSN 1750-7227.
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Official URL: http://dx.doi.org/10.1093/cmlj/kmab016
Abstract
In November 2020, the Chancellor of the United Kingdom (UK) announced a review of the UK’s listing regime.
One issue where public response is being sought is whether dual class share (DCS) structure companies should be allowed in the Premium listing segment of the London Stock Exchange (LSE).
The New York Stock Exchange (NYSE) has long allowed companies with such a share structure to be listed. Both Singapore and Hong Kong amended their listing rules in 2018 to allow companies with such a share structure to list on their main board, subject to certain safeguards and restrictions.
This article discusses why the UK should allow DCS structure companies in the Premium listing segment of the LSE from a commercial perspective and what measures the UK should adopt in allowing companies with such a share structure in the Premium listing segment. In doing so, it will also refer to other major financial markets in the world and examine how other jurisdictions have handled the issue of DCS structure companies.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance |
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Divisions: | Faculty of Social Sciences > School of Law | ||||||||
Library of Congress Subject Headings (LCSH): | Dual class stocks, London Stock Exchange, Corporate governance | ||||||||
Journal or Publication Title: | Capital Markets Law Journal | ||||||||
Publisher: | Oxford University Press | ||||||||
ISSN: | 1750-7227 | ||||||||
Official Date: | July 2021 | ||||||||
Dates: |
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Volume: | 16 | ||||||||
Number: | 3 | ||||||||
Page Range: | pp. 356-390 | ||||||||
DOI: | 10.1093/cmlj/kmab016 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 19 August 2022 | ||||||||
Date of first compliant Open Access: | 25 August 2022 |
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