Regulatory Alerts2026-07-31
Added
Changes to information flows for UK equity IPOs
The Financial Conduct Authority (FCA) implements changes to its Conduct of Business sourcebook (COBS) rules regarding information flows for UK equity Initial Public Offerings (IPOs). These amendments remove the 1/7-day waiting period between the publication of an approved registration document/prospectus and the publication of connected research, and eliminate the mandate for syndicate banks publishing connected IPO research to share identical information with unconnected analysts as with their own research analysts. These changes, affecting prospective issuers, investors, investment advisers, brokers, independent research providers (IRPs), law firms, investment banks, and sponsors, came into force on 5 August 2026. While firms and issuers retain the option to engage with unconnected analysts, this engagement is no longer mandated and conditions should be negotiated commercially.