Financial red tape blamed for London losing Arm IPO
Arm's decision not to list on the London Stock Exchange for its public offering is being blamed by some on financial rules, or rather on the UK's Financial Conduct Authority not being sufficiently flexible in waiving those rules.that it had decided to list its shares only on New York's Nasdaq for its IPO, despite efforts by the British government to have it dual-list at the London Stock Exchange because Arm is seen as one of the UK's great technology success stories.
It appears that the finger of blame is being pointed at financial regulations regarding the reporting of related party transactions, which Arm was concerned would require it to report to the FCA on any dealings it had with its parent company SoftBank, or any of the myriad other companies in which SoftBank has a significant stake.
These rules were regarded by Arm as onerous and are supposed to have been a crucial reason behind Arm's decision, according to a report in thewith a similar story about the rules covering related party transactions.newspaper stated that the FCA had taken the unusual step of offering to ease the rules for Arm to smooth the way to a London listing.
However, it appears not to have been enough as one of the FT's anonymous sources claims that the FCA had been"asked to think big but thought small," although the paper goes on to point out that there is a limit to what rules can realistically be waived, especially as many of these regulations have been put in place to protect investors.
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