The consultation paper has suggested three models for a reformed IPO process.
The first would require a blackout on connected research until seven days after an approved prospectus is published, and the second model proposes expanding analyst presentations to include unconnected analysts, with any connected research subject to the same blackout requirements.
The third model would open any analyst presentation to include unconnected analysts and prevent the meeting taking place before an approved prospectus was published.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “A well-functioning IPO market with high standards of conduct is an essential part of the UK’s capital markets. The IPO process has considerable strengths, but the proposals we have outlined in today’s Consultation Paper are designed to improve the range, and timeliness of higher quality information that is available to investors during the process.”
The consultation, titled Reforming the availability of information in the UK equity IPO process (CP17/5), will be open for responses until 1 June 2017.
