DOES THE UK NEED THE PLC?

Abstract

Private capital markets have blurred traditional lines in corporate finance, outflanking the company law ban on public offers of securities by private limited companies and the use of the plc form as a hook for tailored requirements. With today’s policy focus being on improving access to capital for all companies, the company law ban on public offers has become a hindrance for companies that want to use innovative offer and trading platforms. The illogicality of using plc form rather than trading status or company size for regulatory tailoring has also become more obvious. The multi-layered nature of modern corporate publicness requires a different approach.