UK financial watchdog denies government pressure over Aramco IPO:
"The head of Britain’s financial watchdog has rejected suggestions its proposed changes to listing rules for sovereign-controlled companies were influenced by the government to try to persuade oil giant Saudi Aramco to list in London.
Saudi Arabia is considering floating a 5 percent stake in Aramco in London or New York. It is expected to be the biggest IPO ever and boost the reputation of its chosen venue.
But the possible listing has been met with resistance from British fund managers concerned about governance. It would require the Financial Conduct Authority (FCA) to relax certain rules, including that companies float at least 25 percent of their shares - a power not used in the FCA’s four-year history."
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