CP14/12: Removing the Transparency Directive’s requirement to publish interim management statements

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We are consulting on removing the requirement for issuers of shares admitted to trading on a regulated market to publish interim management statements pursuant to Transparency Directive Amending Directive (2013/50/EC).

Why are we consulting on this?

The Transparency Directive Amending Directive (TDAD) entered into force on 26 November 2013 and each Member State is required to implement the Directive within 24 months from that date.  However, HM Treasury have asked us to remove the requirement to publish interim management statements early, and we are setting out that proposal.

Issuers can continue to publish this information if they want to.

Who is this Consultation Paper aimed at?

It is 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

It will also be of interest to consumers who deal and invest in listed securities either directly or indirectly through institutions, and also those investors who currently receive interim management statements or quarterly financial reports. 

Consultation paper 14/12

What are the next steps?

We want to know what you think of our proposals.  Please send us your comments by 4 September 2014 in writing or using the online response form on our website. We intend to publish our feedback later in the year.

For more information: