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Norway’s oil fund slams UK’s plan for sovereign-controlled IPOs

NBIM, the manager of Norway’s huge sovereign wealth fund, has criticised a proposal by the UK’s financial regulator to create a new “premium listing” category for sovereign-controlled companies. The plan — which relaxes the rules this type of IPO — would be “a step back in terms of investor protection”, the Oslo-based manager says.

Photo: Daniel Hedelund

Norges Bank Investment Management (NBIM) has added its voice to criticism of a proposal by the UK’s Financial Conduct Authority (FCA) to change the stock exchange rules for new listings in cases where the companies are controlled by sovereign states.

Such plans weaken investor protection, the manager of Norway’s oil fund said in a letter to the UK regulator in response to a consultation paper on the matter.

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