On 27 April, the Financial Conduct Authority (FCA) published a consultation paper (CP26/14) in relation to proposed changes to information flows for UK equity initial public offerings (IPOs).

Background

In 2018, the FCA introduced a package of rules designed to improve the quality and availability of information during the UK equity IPO process and address perceived risks of bias in research coverage during IPOs.

Following this, in its December 2025 Letter to the Prime Minister, the FCA committed to consult on removing the 7-day delay for connected research and, following further stakeholder engagement, the FCA sets out that it has also extended the scope of its consultation.

Summary

CP26/14 sets out our proposals including to:

  • Amend COBS 11A.1.4FR: this would remove the 7-day waiting period between the publication of an approved registration document/prospectus and connected research.
  • Remove COBS 11A.1.4BR – COBS 11A.1.4ER: this would mandate that syndicate banks intending to publish connected IPO research share the same information with a range of unconnected analysts as they do with their own research analysts.
  • Rectify a technical issue in amendments made to COBS 12.2.21R: a change to this rule related to investment research occurred when transferring the MiFID Organisational Regulation (MiFID Org Reg) to the FCA Handbook and the FCA considers that the current drafting may be interpreted as more restrictive as intended.

The FCA also confirmed that at this stage they are not consulting on any other changes. However, CP26/14 also includes discussion questions on the remaining aspects of the 2018 IPO information flows rules, including in relation to timing of the registration document and COBS 12 restrictions on pre-mandate analyst/issuer communications.

Next steps

The FCA has asked for feedback on CP26/14 by 29 May 2026.