Regulations
By Bruce Buterin
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What Changes Now. The proposal is pretty straightforward. Scrap the seven-day publication delay.
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Deadline and Next Steps. Market participants have until May 29, 2026 to send in comments.
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What the Market Says. Bankers have been complaining about these rules for years.
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The UK's financial watchdog wants to kill a rule that's been annoying bankers for years. The Financial Conduct Authority said it plans to dump the seven-day wait before firms can…
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The FCA put out a consultation paper—CP26/14—that basically admits the 2018 rules didn't work.
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Jon Relleen runs infrastructure and exchanges at the FCA. He didn't mince words. "The market has been clear," he said.
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The proposal is pretty straightforward. Scrap the seven-day publication delay. Scrap the requirement to share information equally with connected and unconnected analysts.
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The rules were supposed to encourage independent research. But they created the opposite effect in practice.
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The consultation doesn't stop there. The FCA is asking whether it should go further and reform other parts of the 2018 IPO rules.
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Market participants have until May 29, 2026 to send in comments. The FCA wants feedback from banks, issuers, analysts, and anyone else who deals with IPOs.
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The timing matters. London has been losing ground to rival financial centers for years. Companies that might have listed in the UK a decade ago now go to New York or even Paris.
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See also: FCA Warns Law Firms: Stop Blocking £7.5B Motor Finance Payout to Consumers
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No other rule changes are on the table right now. The FCA is focusing on this specific pain point. That's probably smart. Trying to overhaul everything at once usually ends badly.
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The 2018 rules were well-intentioned. They came after concerns that connected analysts—the ones employed by the banks running the IPO—had too much influence.
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Bankers have been complaining about these rules for years. They say the seven-day delay is arbitrary and serves no real purpose.
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