PS14/15: Removing the Transparency Directive’s requirement to publish interim management statements - Including feedback on CP14/12 and final rules

Published: 07/11/2014     Last Modified: 30/08/2015

This Policy Statement reports on the main issues arising from Consultation Paper (CP) 14/12 and publishes final rules.

Why are we publishing this paper?

In 23 July 2014 we published a Consultation Paper proposing, at the request of HM Treasury, to implement the Transparency Directive Amending Directive’s (TDAD) removal of the requirement to publish interim management statements.

In this Policy Statement, we summarise the feedback we received on CP14/12 and explain our response to this feedback. We are implementing this change early and removing this requirement with effect from 7 November 2014. This Policy Statement sets out the rules coming into force on this date.

PS14/15 - Removing the Transparency Directive’s requirement to publish interim management statements [PDF]

Who does this Policy Statement affect?

This Policy Statement will be of interest to:

  • issuers with shares admitted to trading on a regulated market  where the UK acts as home Member State and the FCA’s Disclosure Rules and Transparency Rules (DTRs) apply
  • firms advising issuers
  • firms or persons investing or dealing in listed securities, and
  • primary information providers

What are the next steps?

From 7 November 2014, the requirement in the DTRs to publish interim management statements will be removed. The change will affect issuers of shares admitted to trading on a regulated market where the UK acts as home Member State and the FCA’s DTRs apply. After this date, issuers may continue to publish interim management statements (or quarterly financial reports) on a voluntary basis, if they so choose.

The new DTRs will be effective on 7 November 2014 supporting the Government’s commitment to implement this change early.

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