Transaction management firm The Deal Team,
together with London-based Slaughter and May lawyers, explain
how the IPO process has changed for issuers since the
FCA’s reforms last summer
Under the changes to the UK Financial Conduct Authority's
(FCA) Conduct of Business Sourcebook (COBS) made on July 1 2018
in relation to main market IPOs, an FCA-approved document
(registration document) must be published prior to the
publication of any connected research; and unconnected research
analysts (UCAs) (i.e. research analysts outside the
underwriting syndicate on an IPO) must be given an opportunity
to cover the issuer on an equal footing to connected
analysts....