The National Storage Mechanism (NSM) is our official way of storing regulated information, as required under the Transparency Directive.
The FCA is currently reviewing the use of the NSM and the functionality it offers. We would like to hear your views on how you use the service, what you think of its features, and what is important to you. Please complete the survey.
The scope of regulated information to be stored in the NSM includes:
- the Listing Rules
- Disclosure & Transparency Rules
- the information required by the Prospectus Rules (before 21 July 2019) and the Prospectus Regulation Rules (from 21 July 2019 onwards)
The NSM is provided by Morningstar. On the NSM all users can access the regulated information provided by listed entities. The NSM allows users to search all announcements and documents via:
- company name
- headline code
- type of document or date
and then to view and print the document for free.
The fact that documents appear on the NSM does not fulfil an issuer’s obligation to make them public under the Listing Rules or Disclosure & Transparency Rules. The only route that issuers can use to make a document public is to publish it through an approved information distribution firm.
Prospectuses and disclaimers
The FCA will upload all prospectuses it approves to the NSM as it is the national storage mechanism for regulatory announcements and certain documents published by issuers. Issuers and their advisers need to consider the implications of prospectuses being available to view online when drafting the disclaimers on the prospectuses.
The FCA will upload prospectuses and related documents it approves after 6 p.m. on the working day following the day on which it approved the document.
When users wish to look at a prospectus, they must read a pop-up information box before examining the prospectus. We are not responsible for any concerns that may arise from the prospectus being made public via the NSM. Issuers will need to ensure that the prospectus does not appear on the NSM before we approve it.
Placing a prospectus on the NSM does not fulfil the obligations of issuers to make the prospectus public under PRR 3.2.2.
Regulatory announcement headlines
Morningstar will automatically receive all regulatory announcements that must be published via the RIS regime. It will get these via regulatory feeds and store them within the NSM.
To ensure that users can search for documents accurately and quickly, all issuers should ensure that, when making a regulatory announcement, they use the correct headline code and category.
All announcements required under the LRs, DTRs, PRs and PRRs have a headline code for issuers to use, so there should be no reason for an incorrect code. The ‘Miscellaneous’ codes should only be used if absolutely necessary. As part of the obligation to announce information to the market, the issuer must ensure this information is correctly labelled.
If you have any concerns or questions, please speak to your Primary Information Provider.
Registration with the NSM
Since February 2011, you have been required to register with Morningstar to place documents on the NSM.
A domain name check is automatically done to clarify that the email being registered is the same as the issuer’s website. If it is not, the person trying to register needs to provide an authorisation letter from the issuer to complete the registration.
All those wanting to register (along with those already registered via the domain matching facility) must provide an authorisation letter to ensure that only fully authorised persons can upload documents. Authorisation letters can include details of multiple email addresses to be authorised as required.
NSM super users
Nominated users may act as ‘super users’, which allows them to be administrators of multiple accounts on the issuer’s behalf. They will have access to an account management screen, where they will be able to review, create, activate and disable user accounts for which they are responsible.
If Morningstar receives a new registration for an issuer and a super user is already registered, a notification will be sent to the super user for validation before that user becomes authorised. Issuers will be able to nominate multiple super users to ensure continuity if one leaves.
Alternatively, super users will be able to make other users into super users. There is currently no limit to the number of super users that can be registered for an issuer – this will be reviewed as necessary.
To use the Issuer Upload Facility, you need to subscribe to the NSM. We implemented this in response to feedback on the NSM performance from market participants regarding the security of uploading documents.
Once you have registered with Morningstar, you can use the Issuer Upload Facility to upload the document directly to the NSM.
Alternatively, you can email documents to Morningstar [email protected] (once you have registered). These emails should contain:
- Company name: xxxxxxxxxxx
- ISIN: xxxxxxxxxx
- Symbol/ticker code: xxxxxxxxxx
- Document type: xxxxxxxxx (e.g. annual report, circular)
- Report (period end) date: xx-xx-xxxx
- Headline: xxxx
If you have any technical concerns with sending these documents, contact Morningstar at [email protected]