Disclosure Guidance and Transparency Rules Sourcebook (DTR) meaning

ARCHIVED: This Practice Note is archived and is no longer maintained. A major overhaul of the UK listing regime took effect on 29 July 2024, removing the premium and standard listing segments and introducing a single listing category for equity shares in commercial companies. That commercial companies category is predominantly disclosure-led and sits beside other categories, including shell companies, secondary listing and closed ended investment fund categories. The UK Listing Rules sourcebook came into force to deliver these changes, while the Listing Rules sourcebook was revoked. For more detail, see Practice Note: Reform of the UK listing regime—fundamentals. This fundamentals note reflects the position before 29 July 2024 and has been kept for reference. It looks at the class tests used to assess the size of a transaction by a listed company under the Listing Rules prior to 29 July 2024. What are the class tests used for? The class tests (also known as percentage ratios) are a set of measures used to gauge and categorise the scale...

ARCHIVED: This Practice Note has been archived and is not maintained. On 29 July 2024, a major overhaul of the UK listing framework took effect, abolishing the premium and standard segments and introducing a single category for equity shares of commercial companies, alongside additional categories defined by company and security type. To give effect to these reforms, a new UK Listing Rules sourcebook came into force to implement the changes, and the previous Listing Rules sourcebook was revoked. For more detail, see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note describes the regime as it stood before 29 July 2024 and has been retained for reference purposes. The Listing Principles (Listing Principles) and the Premium Listing Principles (Premium Listing Principles) (together, the Principles) are set out in Chapter 7 of the Listing Rules (LR) published by the Financial Conduct Authority (FCA). The Principles overarch the LR, the Disclosure Guidance and Transparency Rules (DTR), together with the corporate governance rules, and, as with other provisions of the...

STOP PRESS: A major overhaul of the UK listing regime took effect on 29 July 2024, including scrapping the premium and standard listing segments and introducing a single listing category covering equity shares in commercial companies. That commercial companies category is strongly disclosure‑led and sits alongside other listing categories, namely the shell companies, secondary listing and closed ended investment fund categories. To implement the reforms, a new UK Listing Rules sourcebook came into force and the previous Listing Rules sourcebook was revoked. For further information, see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note describes the regime prior to 29 July 2024. It gives a general overview of a listed company’s financial reporting obligations as regards financial reporting under the Listing Rules and the Disclosure Guidance and Transparency Rules (DTR). These obligations are in addition to a company’s general legal obligations as regards accounts and reports in its home jurisdiction...

STOP PRESS : Major changes to the UK prospectus framework took effect on 19 January 2026. The updated regime for public offers of securities and for admissions to trading in the UK is primarily contained in the Public Offers and Admissions to Trading Regulations 2024 (SI 2024/105) (the POATRs) and the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked. These reforms aim to streamline capital raising and significantly reduce the instances when a company must produce an FCA-approved prospectus for a further share issue. Accordingly, fewer further issues will necessitate an FCA approved prospectus. For a full explanation of the changes, see Practice Note: UK prospectus regime reform. This Practice Note covers the prospectus regime that applied before 19 January 2026. UKLR: UK Listing Rules PRR: Prospectus Regulation Rules DTR: Disclosure Guidance and Transparency Rules LSE A&D: London Stock Exchange’s Admission and Disclosure Standards... ...