Key takeaways

• The UK financial services regulator, the FCA, is consulting on the availability of information in the UK IPO process.
• Proposed new rules would ensure that the prospectus is published much earlier in the process than is current practice.
• The proposals are also designed to facilitate the preparation of “unconnected” analyst research before any “connected” research is released.
• The FCA has also raised concerns that some current practices regarding disclosure of information during the IPO process may be inconsistent with the Market Abuse Regulation.