Clarification of the FSA disclosure requirements under the UK Listing Authority Rules
21-Jan-2009 | Banking & Finance, Capital Markets, Competition, EU and Trade, Financial Institutions & Services
Until recently, it has been unclear whether persons discharging managerial responsibilities ("PDMRs" - eg, directors of listed companies) and their connected persons, who grant security over shares they hold in an issuer (ie, a company whose securities have been admitted to listing or are the subject of an application for admission to listing), are obliged to disclose this grant of security to the market. On 9 January 2009 the FSA clarified the disclosure requirements and confirmed that PDMRs/connected persons who grant security over their shares in issuers do have to disclose this to the market in accordance with the relevant FSA rules by 23 January 2009.
Lawyers Tim Stocks
