The FCA is seeking views on proposals to change rules that govern the publication of research during the initial public offering (IPO) process.
The FCA is consulting[1] on removing the requirement for a 7-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.
Notes to editors
- CP26/14: Changes to information flows for UK equity IPOs[1].
- Find out more information about the FCA[2].