Key takeaways

• The UK Regulator has introduced reforms to the UK IPO Process requiring prospectuses to be published earlier and increasing the role of independent analysts.
• Under the new rules, syndicate banks must not disseminate connected analyst research until an approved prospectus is published.
• In addition, analysts independent of the syndicate banks must now be given access to the issuer’s management.
• The rules also provide new guidance on avoiding conflicts of interests in producing connected research.