RAID’s response to FSA's Consultation Paper CP12/25 – Enhancing the effectiveness of the Listing Regime is informed by our detailed research into London-traded mining companies and regulatory compliance. An introductory section (I) provides the perspective from which we our commenting, including the need for fundamental regulatory reform to encompass determining the suitability of applicants for a listing, the need to scrutinise implementation, and the need to simultaneously address compliance and standards 'downstream' in junior markets. Our specific comments (II) on the FSA’s proposals to enhance the effectiveness of the Listing Regime are informed and qualified by these overarching views on wider reform. Our response ends with (III) concluding observations. [refers to Eurasian Natural Resources Corporation/Central African Mining Company, Bumi plc]