The UK Financial Conduct Authority has opened a consultation on changes to its rules governing information sharing during equity initial public offerings. The review focuses on requirements introduced in 2018 and how they have operated in practice.

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The FCA said the 2018 framework was designed to encourage the production of unconnected pre-deal investment research during the IPO process in the UK. The aim was to improve the availability of independent analysis ahead of listings and support more informed investment decisions.

IPO Research Delay Under Scrutiny

The regulator said feedback from market participants suggests the rules have not fully achieved their intended outcome. It noted that equal information sharing requirements, including a “7-day delay” applied to connected research, may have increased market risk and raised costs for companies seeking to list in the UK.

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As part of the consultation, the FCA is proposing two main changes. First, it wants to remove the 7-day waiting period between the publication of an approved prospectus or registration document and the release of connected IPO research.

Second, it proposes removing the rules that require syndicate banks producing connected IPO research to share the same information with external, unconnected analysts as they do with their internal research teams.

FCA consults on IPO research rules to simplify process https://t.co/ewFS6UFOWL

— FT Adviser (@FTAdviser) April 27, 2026

Market Stakeholders Invited to Respond

The regulator is also seeking views on other parts of the 2018 IPO information flow framework, to assess whether further changes could improve how information is distributed during the IPO process.

The consultation applies to a wide range of market participants, including prospective issuers, retail and institutional investors, investment advisers, brokers, independent research providers, law firms involved in IPOs, investment banks, and sponsors.

The FCA has set 29 May 2026 as the deadline for responses. Submissions must be made through its online response system.