The Financial Services Authority (FSA), which regulates the UK financial services industry, has started the process of reviewing, and if necessary overhauling, the rules for companies listing on the London Stock Exchange.

In a discussion paper called "Review of the Listing Regime" the FSA picked out five areas of the current rules which require policy development, particularly in the light of public and investor concerns aroused by corporate governance scandals in the US. There is also a clear need to assess the compatibility of the current UK rules with emerging EU regulations, such as the Prospectus Directive and the Market Abuse Directive.