Insights

FCA Announces Review on Availability of Information Before IPO

FCA Announces Review on Availability of Information Before IPO

On 1 March 2017, the FCA published a consultation paper proposing a number of policies aimed at improving the information made available to investors during the initial public offering ("IPO") process. The paper also includes new guidance from the FCA in respect of analysts' interactions with the issuer's management and corporate finance advisers.

The proposals aim to enhance the standards of conduct during the production of connected research and to encourage the preparation of more "unconnected research". Proposed measures include the introduction of new Handbook rules giving unconnected analysts access to an issuer's management before publication of connected research. This is intended to address the FCA's particular concern about conflicts of interest that arise in the connected research process. The proposals more generally intend to refocus the IPO information process around the prospectus, for example, by also requiring publication prior to the publication of any connected research.

The consultation will remain open until 1 June 2017. After the consultation period has closed, the FCA will consider the comments and feedback received from stakeholders. The FCA is expected to publish a subsequent policy statement setting out any changes to the FCA Handbook in Q4 2017.

Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our "Contact Us" form, which can be found on our website at www.jonesday.com. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.

We use cookies to deliver our online services. Details of the cookies and other tracking technologies we use and instructions on how to disable them are set out in our Cookies Policy. By using this website you consent to our use of cookies.