LONDON, July 29 Reuters Britain39;s biggest reform of company listing rules in over three decades takes effect on Monday on the London Stock Exchange, a measure intended to help it compete more effectively with New York and the European Union after Brexit.

The reforms, part of government efforts to attract more private investment into the British economy, have divided opinion.

Shareholders say their rights will be eroded, but supporters say the reform aligns Britain with practices elsewhere and will make London cheaper and more competitive for companies to raise cash and allow bigger risk appetite to boost growth.

Here are some details of the new rules from the Financial Conduct Authority FCA

SINGLE LISTING CATEGORY

The existing standard and more onerous premium listing requirements will be scrapped and replaced with a single commercial companies category that has more flexible eligibility conditions, and less onerous ongoing requirements.

Companies wanting to list will no longer have to provide three years of historical financial data or a clean 12month working capital statement. It means smaller growth companies can list at an earlier stage.

SHAREHOLDER VOTES

The rules signal a fundamental shift to a more disclosurebased system to cut red tape for companies. Companies listed under the commercial companies category will no longer have to hold a shareholder vote on what are known as significant related party transactions. They will still need shareholder backing…