The Financial Conduct Authority (FCA) is seeking views on
proposals to change
rulesthat govern the publication of research during the
initial public offering (IPO) process.
The FCA is consulting on removing the requirement for a seven‑day
delay before connected research on an IPO can be published. It
also consults on removing rules that require firms to provide
independent analysts with the same information as their own
research analysts.
These rules were introduced in 2018 to encourage the production
of unconnected research, but they have not achieved
that aim. However, feedback from the market suggests that
they have also added complexity, risk and cost to the IPO
process, and have put the UK at a competitive disadvantage
compared with other international listing venues.
Removing these requirements would simplify the IPO process and
improve the conditions for listing in the UK. This would support
the FCA's work to strengthen the UK's capital markets and to
support growth and competitiveness.
Jon Relleen, director of infrastructure & exchanges,
supervision, policy & competition division said:
“Market feedback has been clear that these rules can introduce
additional risk, cost and complexity without delivering the
intended benefits. We are committed to reducing friction,
supporting growth, and ensuring the UK remains a competitive and
trusted place for companies to raise capital.”
No other rule changes are proposed at this stage. However, the
paper includes discussion questions on whether further reform of
the 2018 IPO information flow rules may be appropriate.
This consultation helps to deliver one of the commitments set out
in the FCA's letter to the Prime Minister in December 2025.
The FCA welcomes feedback by 29
May 2026.
