TITLE: Financial Conduct Authority Consults on Changes to Initial Public Offering Research Rules
BODY:
On 27 April 2026, the Financial Conduct Authority (FCA) launched a consultation on proposals to amend rules governing research publication during the initial public offering (IPO) process in the United Kingdom.
The FCA proposes removing two key requirements introduced in 2018. First, it seeks to eliminate the mandatory seven-day delay before connected research on an IPO can be published. Second, it proposes removing rules requiring firms to provide independent analysts with the same information as their own research analysts. The 2018 rules were designed to encourage the production of unconnected research; however, market feedback indicates they have not achieved this objective. Instead, these requirements have introduced additional complexity, risk, and cost to the IPO process, placing the UK at a competitive disadvantage relative to other international listing venues.
The FCA considers that removing these requirements will streamline the IPO process and improve conditions for listings in the UK, supporting its broader work to strengthen the UK's capital markets and promote growth and competitiveness. Jon Relleen, FCA director of infrastructure and exchanges, supervision, policy and competitiveness division, stated that market feedback has demonstrated these rules introduce additional risk, cost, and complexity without delivering intended benefits. The FCA is committed to reducing friction and ensuring the UK remains a competitive and trusted venue for capital raising.
The consultation paper includes discussion questions on whether further reform of the 2018 IPO information flow rules may be appropriate. No additional rule changes are proposed at this stage. This consultation supports commitments outlined in the FCA's December 2025 letter to the Prime Minister.
The comment period closes on 29 May 2026. Responses can be submitted via consultation paper CP26/14: Changes to information flows for UK equity IPOs.