Cutting the Queue: FCA Moves to Speed Up UK IPOs

The Financial Conduct Authority (FCA) has published CP26/14 (April 2026), proposing changes to the rules governing connected research and information flows during UK initial public offerings (IPOs) under the Conduct of Business Sourcebook (COBS) 11A.

Rules introduced in 2018 generally had the effect, in practice, of adding a seven-day delay between the intention to float announcement (ITF) and the publication of research. The FCA consultation paper proposes changes to streamline the UK IPO process by removing delays that have made London potentially less competitive. High-level takeaways are set out in more detail below.

Why Now?

•  Rules introduced in 2018 were designed to encourage independent unconnected research during UK IPOs.
• The rules have not delivered meaningful unconnected research output. Instead, in practice, they have added a seven-day delay to the UK IPO timeline, increasing market risk and cost for issuers.
• Global IPO timelines are shrinking — recent European deals have priced in as few as nine to 12 days from ITF — while the current UK rules make it impossible to match that pace.
• Stakeholders have consistently flagged this as putting the UK at a competitive disadvantage as a listing venue.
• The FCA committed in its December 2025 Letter to the Prime Minister to consult on removing the delay.

Key Proposals

•  Removal of the seven-day (and one-day) waiting period between publication of an approved registration document/prospectus and the release of connected research. Connected research may be published simultaneously with the approved document.
• Deletion of the mandatory equal-information-sharing regime, which essentially required syndicate banks to identify unconnected analysts and share equivalent information with them.

What Is Not Changing (Yet)?

• The requirement to publish an approved prospectus or registration document before connected research is released remains in place.
• The COBS 12 restrictions on pre-mandate analyst/issuer interactions are not being amended at this stage.
• However, the FCA has sought views whether further reform of these issues is warranted.

Key Dates

• Consultation closes 29 May 2026.
• The FCA will consider feedback and publish a policy statement with final rules. A specific implementation date is to be confirmed.