On 20 August 2018, the Association for Financial Markets in Europe and the European Association for Independent Research Providers published guidance for unconnected analysts (those not employed by the underwriting syndicate) seeking to access information about prospective issuers relating to an initial public offering.
The guidance is being published in connection with the U.K. Financial Conduct Authority's new rules governing initial public offerings, effective from 1 July 2018. The new rules are designed to ensure that before any "connected research" (i.e. research from analysts at banks which are part of the underwriting syndicate) is published, a prospectus (or the registration document part of the prospectus giving details of the issuer and its business) is published and that unconnected analysts have had access to the issuer's management. The guidance aims to facilitate communication between issuer teams and interested unconnected analysts and sets out how unconnected analysts can register their interest to be in communication with the issuer team, and the manner and form any such communication should take.
The guidance can be found here:
The Association for Financial Markets in Europe's associated press release can be found here:
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