FSA defends dual-listing system despite hinting at capitulation

The FSA has defended its decision to create a two-tier listing system for investment companies but h...

The FSA has defended its decision to create a two-tier listing system for investment companies but hinted the regime could be modified following strong industry criticism. The authority has come under fire from the AIC and Aifa, among others, for allowing offshore investment companies to list in London under less stringent regulations than their UK counterparts. According to the AIC, which is lobbying for a unitary regime, the new system provides a gaping hole in legislation for offshore companies to exploit. Speaking at the AIC's annual conference in London, Dan Waters, the FSA's direct...