FCA Removes Pre-IPO Research Restriction to Improve UK Equity Listings (PS26/16)

The FCA published Policy Statement PS26/16, amending COBS 11A.1.4R to remove the 7-day 'blackout' waiting period that previously separated publication of an approved registration document or prospectus from connected analyst research on a UK equity IPO. The change is intended to improve the flow of information to investors during UK IPOs and make London listings more competitive against other financial centres.

• Removes the 7-day waiting period between prospectus publication and connected research under COBS 11A.1.4R
• Allows connected analyst research to be published closer to prospectus release during IPOs
• Aims to improve information flow to prospective investors during UK equity listings