Connected person under disclosure rules meaning

In legal practice, this refers to someone whose relationship with a person discharging managerial responsibilities (PDMR) in an issuer triggers dealing disclosure obligations. While practitioners may still say “connected person”, the current regime uses the defined term “person closely associated” (PCA). The former FSMA 2000 disclosure rules in s 96A(1)(a) (now repealed) used “connected person”. Today, the duty arises under the Market Abuse Regulation: UK MAR (retained EU law) and the FCA’s Disclosure Guidance and Transparency rules (DTR) in the UK, and EU MAR in Ireland. A PCA covers, broadly, a spouse or civil partner, dependent children, a relative sharing the household for at least a year, and legal entities controlled by the PDMR or those persons. Key points: PCAs must notify the issuer and the regulator of transactions in the issuer’s financial instruments within set deadlines and above the applicable threshold; issuers must publish those notifications and enforce closed periods and dealing codes. Usage is substantively aligned across England & Wales, Scotland and Northern Ireland (FCA supervision) and Ireland (Central Bank of Ireland). Note: “connected person” is also defined in other regimes (for example, Companies Act 2006) for different purposes.