The Financial Conduct Authority (FCA) has introduced reforms to the UK IPO regime, removing key research delays to streamline public listings and bolster market competitiveness.
The regulatory changes focus on removing the mandatory seven-day waiting period for connected analyst research following the publication of an approved prospectus or registration document.
Under the simplified framework, syndicate banks will be permitted to release connected research simultaneously alongside approved disclosure documents, significantly compressing transaction timetables.
In addition, the FCA is eliminating obligations that required investment banks to share identical information between connected and independent analysts.
Originally introduced in 2018 to foster independent research, the regulators have deemed that the rules proved burdensome in practice, introducing unnecessary compliance costs and lengthening execution windows.
The policy update aims to reduce market volatility exposure for listing candidates and align London’s capital market processes more closely with competing international exchanges.
“We want the UK market to be an attractive place for companies to raise capital and grow,” said Jon Relleen, director of infrastructure and exchanges at the FCA.
“By making the UK listing regime more efficient, we are supporting the growth and competitiveness of UK capital markets.”
