The FCA seeks to improve transparency in the UK equity IPO process.

The FCA is proposing significant reforms to the UK equity IPO process, in order to address its concerns that investors should be receiving better information, earlier in the process. The key focus is on improving transparency by ensuring that an approved prospectus or registration document is published earlier on in the process, prior to an issuer’s announcement of its intention to float (thereby making the prospectus more central to the process), and that unconnected analysts are given better opportunity to produce research on the issuer.