Clifford Chance

FCA opens debate on reform of the UK equity IPO process

21 April 2016

On 13 April 2016, the Financial Conduct Authority (the "FCA") published a discussion paper on the availability of information in the UK IPO process (DP16/3) (the "Discussion Paper") identifying a series of concerns relating to both the timing of publication of the approved prospectus and the role and availability of connected and unconnected research. In order to stimulate debate, the FCA has proposed three models for possible reform of the process.

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