The Financial Services Authority, currently reviewing its listing regime, said on Monday it is considering bringing in tougher corporate governance rules for overseas firms seeking to list in London.
In a discussion paper on listing rules, the FSA said it was seeking industry views on whether it should require overseas companies listed to comply with the Combined Code for corporate governance -- or explain why they did not.
Currently, overseas companies are only required to disclose whether they comply with their local corporate governance regimes and how those differ from the UK code.
The FSA said it had noted the FTSE Group, which compiles stock market indices, now took into consideration overseas companies' compliance with the UK Combined Code, Takeover Code and other shareholder rights before deciding whether or not to include these companies in the FTSE UK indices.
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