European regulators have succumbed to pressure from their US and UK counterparts to ban analysts from pitching new offerings to investors, according to a draft report by the International Organisation of Securities Commissions (Iosco).
In its statement of principles to be published next week, Iosco is expected to propose US-style guidelines which prohibit analysts from attending IPO roadshows. US regulators implemented a ban on Wall Street analysts earlier this year as part of a $1.4bn (€1.24bn) settlement with the largest investment banks over biased research.