The FCA has published PS15/26: Implementation of the Transparency Directive Amending Directive (2013/50/EU) and other Disclosure Rule and Transparency Rule changes. This Policy Statement reports on the main issues arising from CP15/11 and the final rules.
This Policy Statement will be of interest to:
- issuers of securities admitted to trading on a regulated market where the UK acts as home
- or host Member State and the FCA’s DTRs apply
- firms or persons investing or dealing in listed securities or securities admitted to trading on
- a regulated market or prescribed market
- listed companies who are required by LR 9.2.6BR, LR 14.3.23R or LR 18.4.3R to comply with
- DTR 4, DTR 5 and DTR 6 as if they were an issuer for the purposes of the DTRs
- issuers of securitised derivatives who, following LR 19.4.11BR, the FCA considers should
- comply with DTR 4, DTR 5 and DTR 6 as if they were an issuer of debt securities as defined
- in the DTRs
- issuers of securities admitted to trading on a prescribed market in the UK
- firms advising issuers
- firms advising persons investing or dealing in listed securities or securities admitted to
- trading on a regulated market or prescribed market
- primary information providers
- It will be of interest to consumers who directly or indirectly deal and invest in:
- listed securities
- securities admitted to trading on a regulated market or prescribed market
Next steps
To meet the deadline set out in the Directive, the TDAD will be implemented in the UK on 26 November 2015 through changes to FSMA and the FCA’s DTRs. The changes will affect all issuers of securities and vote holders who are subject to these rules. The FCA’s other changes to the DTRs, which were proposed in CP15/11, will also take effect on this date.