European Union:
Association For Financial Markets In Europe And European Association For Independent Research Providers Publish Guidance For Unconnected Analysts Seeking To Access Information About Prospective Issuers
26 October 2018
Shearman & Sterling LLP
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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:
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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