Rosneft:Written question - 149961

Asked by Ian Austin
(Dudley North)

Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 05 June 2018
To ask Mr Chancellor of the Exchequer, whether the Government plans to take action in respect of the listing of Russian state-owned energy company Rosneft on the London Stock Exchange; and if he will make a statement.
Answered by: John Glen
Answered on: 11 June 2018

The Financial Conduct Authority (FCA) is the competent authority for listings. For listed companies, the UK Listing Authority (a division of the FCA) monitors and enforces compliance with the Listing Rules. The decision as to whether to prevent the trading of certain shares on the London Stock Exchange rests with the FCA and London Stock Exchange. The FCA has no power to refuse a listing for reasons of security or national interests. Under the applicable legislation, the Treasury has no power to intervene to block a flotation on national security grounds.

The Government operates a rule of law based system whereby sanctions can only be applied when clear criteria are met. Any additional legislation on listings on the grounds of national security would need to demonstrably add value to the Government’s existing powers.

Grouped Questions: 149959 | 149960 | 149963 | 149964

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