{"id":36769,"date":"2026-04-29T14:18:17","date_gmt":"2026-04-29T14:18:17","guid":{"rendered":"https:\/\/buvei.com\/blog\/?p=36769"},"modified":"2026-04-29T14:18:17","modified_gmt":"2026-04-29T14:18:17","slug":"fca-consults-on-scrapping-7-day-ipo-research-delay-cp26-14-analysis","status":"publish","type":"post","link":"https:\/\/buvei.com\/blog\/fca-consults-on-scrapping-7-day-ipo-research-delay-cp26-14-analysis\/","title":{"rendered":"FCA Consults on Scrapping 7-Day IPO Research Delay | CP26\/14 Analysis"},"content":{"rendered":"<p id=\"p-rc_95d3fbd6155e7c5b-97\" data-path-to-node=\"4\"><b data-path-to-node=\"4\" data-index-in-node=\"0\">Executive Summary:<\/b><span class=\"citation-118 citation-end-118\"> The FCA is proposing to remove the mandatory seven-day waiting period between the publication of an IPO prospectus and the release of \"connected\" research (analysis from banks involved in the deal).<\/span> <span class=\"citation-117 citation-end-117\">The regulator admits that the 2018 rules failed to stimulate a market for independent research and instead placed the UK at a competitive disadvantage against international hubs like New York.<\/span><\/p>\n<h2 data-path-to-node=\"6\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-36976\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-79-1-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>The<a href=\"https:\/\/buvei.com\/blog\/pay-hostinger-domains-using-a-virtual-card\/\"> Two Main Regulatory Changes<\/a><\/h2>\n<p data-path-to-node=\"7\">The FCA is consulting on two primary amendments to the <b data-path-to-node=\"7\" data-index-in-node=\"55\">Conduct of Business sourcebook (COBS)<\/b>:<\/p>\n<ul data-path-to-node=\"8\">\n<li>\n<p id=\"p-rc_95d3fbd6155e7c5b-98\" data-path-to-node=\"8,0,0\"><b data-path-to-node=\"8,0,0\" data-index-in-node=\"0\">Removal of the 7-Day Delay (COBS 11A.1.4FR):<\/b><span class=\"citation-116 citation-end-116\"> Under current rules, analysts at syndicate banks must wait seven days after a prospectus is published before releasing their research.<\/span> The FCA proposes to delete this requirement, allowing research to be published immediately.<\/p>\n<\/li>\n<li>\n<p id=\"p-rc_95d3fbd6155e7c5b-99\" data-path-to-node=\"8,1,0\"><b data-path-to-node=\"8,1,0\" data-index-in-node=\"0\"><span class=\"citation-115\">Ending Information Sharing Mandates (COBS 11A.1.4BR \u2013 11A.1.4ER):<\/span><\/b><span class=\"citation-115 citation-end-115\"> The FCA plans to scrap the rule requiring syndicate banks to share the same information with unconnected (independent) analysts as they do with their own internal teams.<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n<h2 data-path-to-node=\"10\">Why the 2018 <a href=\"https:\/\/buvei.com\/blog\/why-stablecoins-are-gaining-momentum-in-global-finance\/\">Framework Failed<\/a><\/h2>\n<p data-path-to-node=\"11\">The original intention of the 2018 reforms was to \"level the playing field\" by ensuring independent analysts had time and access to the same data as the big investment banks. However, the FCA\u2019s review found:<\/p>\n<ul data-path-to-node=\"12\">\n<li>\n<p id=\"p-rc_95d3fbd6155e7c5b-100\" data-path-to-node=\"12,0,0\"><b data-path-to-node=\"12,0,0\" data-index-in-node=\"0\">No Independent Surge:<\/b><span class=\"citation-114 citation-end-114\"> The rules did not lead to a meaningful increase in independent research coverage for IPOs.<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"12,1,0\"><b data-path-to-node=\"12,1,0\" data-index-in-node=\"0\">Increased Execution Risk:<\/b> The mandatory delay extended the \"exposure window\" for issuers, making them vulnerable to market volatility during the week-long gap.<\/p>\n<\/li>\n<li>\n<p id=\"p-rc_95d3fbd6155e7c5b-101\" data-path-to-node=\"12,2,0\"><b data-path-to-node=\"12,2,0\" data-index-in-node=\"0\"><span class=\"citation-113\">High Operational Costs:<\/span><\/b><span class=\"citation-113 citation-end-113\"> Issuers and banks faced additional legal and administrative costs to manage the dual-track information sharing process.<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"14\">Strengthening London\u2019s Competitive Edge<\/h2>\n<p id=\"p-rc_95d3fbd6155e7c5b-102\" data-path-to-node=\"15\"><span class=\"citation-112 citation-end-112\">This move is part of a broader \"Capital Markets Reform\" agenda promised by the FCA in late 2025.<\/span> By aligning UK research rules more closely with international standards, the regulator hopes to:<\/p>\n<ul data-path-to-node=\"16\">\n<li>\n<p id=\"p-rc_95d3fbd6155e7c5b-103\" data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\"><span class=\"citation-111\"><a href=\"https:\/\/buvei.com\/blog\/new-york-sues-coinbase-gemini-for-3-4b-over-prediction-markets\/\">Shorten Time-to-Market<\/a>:<\/span><\/b><span class=\"citation-111 citation-end-111\"> Accelerating the IPO timetable makes London more attractive for high-growth tech and fintech firms.<\/span><\/p>\n<\/li>\n<li>\n<p id=\"p-rc_95d3fbd6155e7c5b-104\" data-path-to-node=\"16,1,0\"><b data-path-to-node=\"16,1,0\" data-index-in-node=\"0\"><span class=\"citation-110\">Reduce Transaction Friction:<\/span><\/b><span class=\"citation-110 citation-end-110\"> Simplifying the flow of information reduces the complexity for companies considering a public float.<\/span><\/p>\n<\/li>\n<li>\n<p id=\"p-rc_95d3fbd6155e7c5b-105\" data-path-to-node=\"16,2,0\"><b data-path-to-node=\"16,2,0\" data-index-in-node=\"0\">Support Growth:<\/b><span class=\"citation-109\"> The proposal follows the January 2026 implementation of the new <\/span><b data-path-to-node=\"16,2,0\" data-index-in-node=\"80\"><span class=\"citation-109\">Public Offers and Admissions to Trading (POAT)<\/span><\/b><span class=\"citation-109 citation-end-109\"> regime, which replaced the old Prospectus Regulation.<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"18\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-36977\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-80-1-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>Consultation Timeline &amp; Next Steps<\/h2>\n<p data-path-to-node=\"19\">The FCA is moving quickly on these reforms to signal a \"pro-growth\" regulatory environment.<\/p>\n<table style=\"height: 200px;\" width=\"970\" data-path-to-node=\"20\">\n<thead>\n<tr>\n<td><strong>Milestone<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"20,1,0,0\"><b data-path-to-node=\"20,1,0,0\" data-index-in-node=\"0\">Consultation (CP26\/14) Published<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,1,1,0\">April 27, 2026<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,2,0,0\"><b data-path-to-node=\"20,2,0,0\" data-index-in-node=\"0\">Deadline for Industry Feedback<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,2,1,0\">May 29, 2026<\/span><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/buvei.com\/blog\/digital-payments-and-financial-inclusion-in-the-united-states\/\"><span data-path-to-node=\"20,3,0,0\"><b data-path-to-node=\"20,3,0,0\" data-index-in-node=\"0\">Expected Policy Statement<\/b><\/span><\/a><\/td>\n<td><span data-path-to-node=\"20,3,1,0\">Q3 2026<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"20,4,0,0\"><b data-path-to-node=\"20,4,0,0\" data-index-in-node=\"0\">Anticipated Rule Implementation<\/b><\/span><\/td>\n<td><span data-path-to-node=\"20,4,1,0\">Late 2026<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"21\"><b data-path-to-node=\"21\" data-index-in-node=\"0\"><span class=\"citation-108\">Who is affected?<\/span><\/b><span class=\"citation-108 citation-end-108\"> This consultation impacts prospective issuers, investment banks, institutional and retail investors, and independent research providers (IRPs).<\/span><\/p>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"Executive Summary: The FCA is proposing to remove the mandatory seven-day waiting period between the publication of an&hellip;","protected":false},"author":4,"featured_media":36977,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":""},"categories":[7,2516,1],"tags":[5691,1752,3913,7273,4893,618],"class_list":{"0":"post-36769","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-affiliate","8":"category-case-studies","9":"category-payment-basics","10":"tag-advertising-payments","11":"tag-cross-border-payments","12":"tag-online-payments","13":"tag-online-security","14":"tag-usdt-top-up","15":"tag-virtual-cards","16":"cs-entry"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/36769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/comments?post=36769"}],"version-history":[{"count":0,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/36769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media\/36977"}],"wp:attachment":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media?parent=36769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/categories?post=36769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/tags?post=36769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}