Regulatory Disclosures

These announcements must be made in line with minimum standards set out in the Transparency Directive and in DTR 6.3.4R to DTR 6.3.8R. The standards relate to how quickly and securely the information is transmitted, and whether it is disseminated to a sufficiently wide audience.

The National Storage Mechanism[1] is our official way of storing regulated information, as required under the Transparency Directive.

Primary Information Providers (PIPs)

When making announcements of regulated information, the DTR require issuers to use a regulatory information service (RIS). Issuers may use a RIS that has demonstrated – to us or the body approving it in another EU member state – that it can disseminate information in accordance with the Transparency Directive. Under the UK regime, the approved firms are called Primary Information Providers (PIPs) and are governed by DTR 8, which incorporates a number of provisions set out in the Transparency Directive relating to the timely dissemination of information as well as ongoing obligations which PIPs must comply with. An issuer that uses an approved PIP to disseminate information on its behalf need not make an annual declaration to us about its compliance with the the minimum standards contained in DTR 6.3.4R to DTR 6.3.8R.

If an issuer decides not to use a PIP or other approved RIS, it must confirm to the FCA annually that all regulatory announcements it has made were disseminated in accordance with the minimum standards contained in DTR 6.3.4R to DTR 6.3.8R. The following firms have been approved by the FCA and maintain an ongoing regulatory relationship with us: