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....