FSA is consulting on several changes to the Listing Rules, including the free float provisions, governance requirements for companies controlled by a majority shareholder and the use of reverse takeovers. The consultation also includes proposals on the need for the board of a premium listed investment entity to challenge the investment manager and protect the best interest of shareholders, ensuring that appropriate contracts are in place to this effect. Any conflict arising from overlaps with the obligations of the manager arising from AIFMD must be managed by the listed investment entity. (Source: Enhancing the Effectiveness of the Listing Regime)