FCA PS26/16: what company secretaries need to know about the IPO overhaul

UK equity IPOs can now move up to a week faster. The FCA published PS26/16 on 5 August 2026, removing two rules that had imposed a mandatory delay on every UK equity IPO since 2018, a floor that no other jurisdiction shared. The changes came into force immediately.

The changes reverse two rules introduced in 2018 that imposed a mandatory floor on UK IPO timelines found nowhere else. In practice, a seven-day wait between publishing an approved prospectus and connected research became the default for every UK equity IPO, while the equal information requirement added significant legal and compliance overhead. The FCA concluded that the rules added cost and delay without achieving their aim: independent research on IPOs remained infrequent and limited in detail regardless.

What has changed

• The 7-day waiting period has been removed and companies can now publish connected research alongside the approved registration document/prospectus.
• The lesser-used equal information requirement has also been removed. Syndicate banks no longer need to identify a range of unconnected analysts to share equal information with them for comparison.
• Firms can now publish connected research simultaneously, rather than having to wait under the previous guidance.

What has not changed

• Unconnected analysts can still negotiate access to issuer information on commercial terms. They simply no longer have a regulatory entitlement to it.
• Insider list obligations under UK Market Abuse Regulation (MAR) are unchanged.

Effective date: 5 August 2026

The operational implications for company secretaries

The changes have shortened the IPO process for prospective issuers by a week. It is now quicker and easier to IPO in the UK, making it a far more attractive proposition for companies. This removes seven days of investor relations pressure and exposure to market volatility when the company is at its most visible and least able to respond. European exchanges were already completing deals in timelines the old UK rules made impossible; that competitive gap has now closed.

The insider list obligations under UK Market Abuse Regulation (MAR) remain fully in force throughout. Removing the unconnected analyst information-sharing requirement means fewer people will need to be insiders during the pre-announcement period. However, it does not reduce the need for rigorous insider list discipline; the compressed timeline makes it more important to have accurate, up-to-date records from day one of the process.

Companies with IPOs in the pipeline should confirm with their legal advisers how the new rules interact with their existing timetable, particularly the AFME/Euro IRP industry guidelines which the FCA confirmed will need revising.

What to watch for next

The FCA’s direction of travel is clear: it wants UK capital markets to compete with those in Europe and the US. PS26/16 is one step in a broader programme of reform that includes the Prospectus Rules changes of January 2026, and CP26/14 makes it clear that further aspects of the 2018 rules remain under active consideration.

With timelines now compressed, the insider list obligations that run beneath the process become more demanding, not less – there is simply less room to catch up. If your organisation is approaching a listing, we would be happy to show you how Insidertrack supports rigorous insider list management from day one.

Shelley Goff
Client Services Director, Cytec

Shelley has been with Cytec for over a decade and brings nearly twenty years of experience in governance and equity management. As Client Services Director, she leads our client relationships, ensuring feedback is translated into meaningful product innovation. Outside of work, Shelley enjoys spending time with her husband and young son and is working her way through the Michelin Guide, one amuse-bouche at a time.