The UK IPO process is set to be reformed, as the Financial Conduct Authority proposes changes to improve prospectuses and alleviate the risk of conflicts of interest.
The Financial Conduct Authority (FCA) has proposed reforms to improve the timing, sequencing and quality of information in the UK's initial public offering (IPO) process.
In its consultation paper—Reforming the availability of information in the UK equity IPO process—the FCA proposes changes to its Conduct of Business Sourcebook to improve the usefulness of prospectuses, and alleviate the risk of conflicts of interest.
The changes would apply to investment banks that carry out "regulated activities", including underwriting or placing equity securities in an IPO on a regulated market, for which a prospectus is necessary. This would i
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