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United Kingdom
United Kingdom
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Disclosure Guidance & Transparency Rules (DTR) meaning
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What does Disclosure Guidance & Transparency Rules (DTR) mean?
The disclosure guidance and Transparency Rules (DTR) are the fca handbook module that sets core public disclosure, transparency and corporate governance obligations for listed issuers. In practice, they govern periodic financial reporting (annual and half‑yearly), major shareholding notifications, the corporate governance statement and the use of primary information providers (PIPs) to disseminate regulated information. The DTR sit alongside, and signpost to, the onshored UK Market Abuse Regulation (UK MAR) for disclosure of inside information, which has largely superseded earlier DTR provisions on that topic.
Scope: the DTR apply to issuers (UK and overseas) with securities admitted to trading on a UK regulated market, for example shares on the Official List and admitted to trading on the London Stock Exchange Main Market. With the exception of DTR 5 (major shareholdings), they do not apply to companies whose securities are traded only on AIM, nor to companies with debt securities listed solely on the Professional Securities Market.
The term is a defined fca construct used consistently across England & Wales, Scotland and Northern Ireland. It is UK‑specific; Ireland has a parallel regime under the Transparency Regulations and Central Bank rules rather than the FCA’s DTR.
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View the related Practice Notes about Disclosure Guidance & Transparency Rules (DTR)
PRACTICE NOTES
DTR 4 (UK): periodic financial reporting for UK regulated market issuers—annual and half-yearly reports, structured digital reporting (XHTML/iXBRL), Brexit amendments, exemptions, equivalence and FCA/FRC guidance
This Resource Note summarises the principal provisions of Chapter 4 of the Disclosure Guidance and Transparency Rules (DTR 4), which addresses the periodic financial reporting duties for an issuer whose transferable securities are admitted to trading on a UK regulated market. It signposts pertinent commentary, analysis and materials to support the interpretation of, and deliver practical guidance on the application of, DTR 4. Materials considered in this Resource Note include, where applicable: the Financial Conduct Authority (FCA) Handbook FCA guidance in its Knowledge Base—Procedural notes and Technical notes (which amount to formal guidance and are binding on the FCA) FCA consultation papers, discussion papers, policy statements, feedback statements and warnings Primary Market Bulletins and other FCA publications former UKLA technical and procedural notes and the UKLA's newsletter List!, where still relevant to the interpretation or application of a provision assimilated EU legislation EU Directives and EU Regulations, where relevant to interpretation of a provision Lexis+® UK analysis and resources...
22 May
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PRACTICE NOTES
PDMR/PCA dealings under UK MAR Article 19 and FCA DTR 3: notifications, closed periods, issuer disclosures, exemptions and enforcement (including AIM guidance)
This Practice Note outlines the disclosure obligations for transactions undertaken by a person discharging managerial responsibility (PDMR) and persons closely associated with them (PCAs) under the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014), and also examines guidance from the Financial Conduct Authority (FCA) in Chapter 3 of the Disclosure Guidance and Transparency Rules (DTR) and from the London Stock Exchange in relation to AIM companies. Regulatory background The EU Market Abuse Regulation became applicable across the EU on 3 July 2016. Its stated aim was to put in place a common regulatory framework covering insider dealing, the unlawful communication of inside information and market manipulation (each a form of market abuse), together with measures designed to prevent market abuse so as to uphold the integrity of financial markets in the EU and to bolster investor protection and confidence in those markets. At the end of the Brexit implementation period (11pm UK time on 31 December 2020), the EU Market Abuse Regulation was onshored into UK law and...
21 May
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