CP15/38: Provisions to delay disclosure of inside information within the FCA’s Disclosure and Transparency Rules

Consultation papers First published: Last updated: 20/11/2015

In this consultation paper we address developments relating to the disclosure of inside information by issuers with securities admitted to trading on a regulated market.

Why are we issuing this consultation paper?

We have considered our guidance in the Disclosure Rules and Transparency Rules (DTR) which applies to issuers with securities admitted to trading on a regulated market. The intention of these rules is to promote a properly functioning market by ensuring that investors have sufficient and timely information to make informed investment decisions.

Our consultation paper proposes a change to some guidance dealing with the circumstances in which a listed company has a legitimate interest in delaying disclosure of inside information.

CP15/38: Provisions to delay disclosure of inside information with the FCA's Disclosure and Transparency Rules [PDF]

Who is this consultation aimed at?

The consultation will be of interest to:

  • issuers with securities admitted to trading to regulated markets in the UK
  • firms who advise these issuers
  • firms or people investing in securities which are traded on a regulated market in the UK

What are the next steps?

We want to know what you think of these proposals. Please respond to the following question (in Annex 1 of the consultation paper) by 20 February 2016.

Do you agree that making the proposed change to DTR2.5.5G, without issuing further guidance relating to ‘legitimate interest’, supports a properly functioning disclosure regime?

Please email your answer to: 

[email protected]

Or in writing to:

Marta Alonso
Primary Market Monitoring
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Note: We make all responses to formal consultation available for public inspection unless the respondent requests otherwise. We will not regard a standard confidentiality statement in an email message as a request for non-disclosure.

Despite this, we may be asked to disclose a confidential response under the Freedom of Information Act 2000. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by the Information Commissioner and the Information Rights Tribunal.