CLLS Company Law Committee response to FCA consultation paper 26/14 Changes to information flows for UK equity IPOs - May 2026

The response was prepared by a Joint Working Party of the CLLS and Law Society Company Law Committees, focusing on UK equity IPO information flows.

It supports removing the 7-day waiting period for connected research, arguing it adds unnecessary market risk and costs and disadvantages the UK as a listing venue.

It also supports removing restrictions on communication between connected analysts and issuers, saying banks should manage information-sharing appropriately without overly restrictive mandatory rules.

More broadly, it argues that current IPO information-flow rules have added burden without clear investor benefit, and recommends a more flexible approach that supports UK market competitiveness while preserving analyst objectivity.