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FCA Defends Changing Listing Rules to Cater for Aramco IPO

  • FCA chief says regulator met with Saudi Aramco this year
  • Watchdog facing queries from lawmakers over motive for changes
Saudi Aramco Facilities
Source: Saudi Aramci
Updated on

The U.K. markets regulator defended a possible move to change listing rules that would make it easier for Saudi Aramco to go public in London, in what may become the world’s largest initial public offering.

Andrew Bailey, the chief executive officer of the Financial Conduct Authority, told lawmakers that he didn’t think the changes would weaken protections for investors, according to a letter from Bailey released Friday. He said the FCA met with Saudi Aramco earlier this year and discussed the possible IPO.