City of London Corporation backs new rules to lure Saudi Aramco mega float to London

The City of London Corporation has "no problem" with the new listing rules put forward by the Financial Conduct authority in an effort to lure the Saudi Aramco mega-float to London, despite opposition from other major bodies.

Otherwise known as the Square Mile's governing authority, City of London Corporation was in favour of the new listing rules put forward by the Financial Conduct authority in July in attempt to boost the London Stock Exchange's efforts to attract the $2trn oil giant's upcoming initial public offering, City AM reported.

That came after the FCA launched a consultation in July on a new premium listing category that would exempt state-owned companies such as Aramco from strenuous rules on related party transactions and controlling shareholders in order to qualify for a premium listing on the London Stock Exchange.

Nevertheless, that was at odds with the majority of other major bodies such as the Institute of Directors and the Investment Association had voiced strong views against the rule changes, leaving the City of London Corporation in the minority.