LONDON, May 2 Reuters Britain39;s stock market rules are set to be radically simplified in an effort to help lure major company listings back to London under plans unveiled by the financial watchdog on Tuesday.

Britain39;s appeal as a global financial centre has lost its lustre as companies, such as UK chip designer ARM, have sought listings in rival hubs such as New York and after the country was largely cut off from the European Union by Brexit.

In an attempt to reverse a 40 decline in the number of London listings since 2008, the Financial Conduct Authority FCA is proposing partially lifting the regulatory burden on companies and streamlining the rulebook.

It suggests replacing Britain39;s existing 39;premium39; and 39;standard39; listing segments with a single category, removing eligibility requirements that can deter newer firms, being more permissive on dual class share structures and removing mandatory shareholder votes on transactions such as acquisitions.

We want to encourage more companies to list and grow in the UK, versus other highly competitive international markets, said FCA Chief Executive Nikhil Rathi.

Speaking to Sky News on Wednesday, he called for a wider debate in Britain about whether to boost the level of risk market participants can take.

That means there is upside for investors, but it also means sometimes things will go wrong, and that39;s part of a healthy dynamic capital market … We want to strike that balance, he said.

But experts…