TITLE: Financial Conduct Authority Consults on Changes to Information Flows for UK Equity Initial Public Offerings
BODY:
On 27 April 2026, the Financial Conduct Authority (FCA) opened a consultation on proposed changes to rules governing information sharing during UK equity initial public offerings (IPOs). The consultation, CP26/14, seeks views on amendments designed to reduce market risk and costs for issuers listing in the UK.
The FCA introduced rules in 2018 to encourage the production of unconnected pre-deal investment research during the UK equity IPO process. However, feedback indicates these rules have not achieved their intended effect. The equal information sharing requirements, particularly a seven-day delay for connected research publication, have created unnecessary burdens. The FCA's proposals include: removing the seven-day waiting period between publication of an approved registration document or prospectus and connected research by amending COBS 11A.1.4FR; and removing COBS 11A.1.4BR through COBS 11A.1.4ER, which mandate that syndicate banks intending to publish connected IPO research share the same information with unconnected analysts as they do with their own research analysts. The consultation also includes discussion questions on remaining aspects of the 2018 IPO information flows rules to identify further reform opportunities.
The consultation affects prospective issuers, retail and institutional investors in shares admitted to UK regulated markets, investment advisers, brokers, intermediaries, independent research providers, law firms, investment banks, sponsors, and other companies involved in the IPO process.
Responses must be submitted by 29 May 2026 via the FCA's online response form or by email to [email protected]. The FCA will consider feedback received and publish a policy statement subject to finalising its rules.