Regulatory Alerts2017-02-27
Added · Updated
PS17/23: Reforming the availability of information in the UK equity IPO process
The Financial Conduct Authority introduces new Conduct of Business Sourcebook (COBS) 11A rules requiring that an approved prospectus or registration document be published before any connected research is released during UK equity initial public offerings. If unconnected analysts do not receive management access alongside connected analysts, a mandatory seven-day gap must exist between the publication of the document and the release of connected research. The regulator also issues new COBS 12 guidance to address conflicts of interest when analysts within prospective syndicate banks interact with issuer representatives during mandate considerations. These provisions apply to investment banks, issuers, and research providers, taking effect on 1 July 2018, and explicitly exclude IPOs on Multilateral Trading Facilities.
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