The FCA has published a consultation paper (CP26/14) on removing and simplifying certain rules governing the timing and sharing of investment research during UK equity IPOs.
The current regime, introduced in July 2018, was intended to improve the quality and availability of information during IPOs and address perceived risks of bias in pre-deal investment research. This consultation seeks to address some of the recommendations of HM Treasury’s 2023 Investment Research Review, led by Rachel Kent, which found that the current regime has lengthened IPO timelines, increased market risk and put the UK at a competitive disadvantage compared with other jurisdictions, while failing to generate meaningful independent research coverage.
The FCA is consulting on removing:
- the 7‑day (and 1‑day) waiting period between publication of an approved prospectus or registration document and publication of connected research; and
- the requirement for syndicate banks to share equal information with a range of unconnected analysts as a condition of connected research being published.
The consultation closes on 29 May 2026.
Key contacts
Mike Flockhart
Managing Partner, Corporate, UK and EMEA, London
Michael Jacobs
Partner, Head of Equity Capital Markets, London
Erica MacDonald
Knowledge Lawyer, London
Sarah Ries-Coward
Partner, London
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