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FSA: No Combined Code for Foreign Cos.

Global Glimpses | December 3, 2008

The Financial Services Authority has scrapped a proposal that would have made the Combined Code on Corporate Governance apply to many foreign companies listed on the London Stock Exchange.

Under a set of proposals published in January—aimed at making London’s complex listing categories easier to understand—the FSA suggested that foreign companies in its proposed premium listing category should have to “comply or explain” against the code. The regulator has dropped the idea amid concerns raised during a consultation process.

In feedback summary published this week, the FSA cited worries that the measure would “prove unduly burdensome” for the companies affected and make London less competitive. The regulator accepted that its idea “may be too UK centric,” as the foreign companies’ home jurisdictions could have “equally valid...

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