Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Continuing obligations definition

What does Continuing obligations mean? In capital markets practice, continuing obligations are the ongoing compliance duties a company must meet after its securities are admitted to listing or trading. In the UK, listed companies’ obligations arise principally under the FCA’s Listing rules, the Disclosure Guidance and Transparency Rules (DTR) and the UK Market Abuse Regulation (UK MAR). On AIM, they are set by the AIM Rules for Companies. In Ireland, equivalent requirements are found in the Euronext Dublin Listing Rules, the Transparency Regulations/DTR and the EU Market Abuse Regulation (MAR). The term is descriptive rather than a single statutory definition; the...

UK DTR 5 (Disclosure Guidance and Transparency Rules): Major voting rights notifications—obligations, thresholds and procedures for vote holders and issuers on regulated and prescribed markets

Published by a LexisNexis Corporate expert

Practice notes

This Practice Note centres on when those holding voting rights in an Issuer must notify in respect of Shares admitted to trading on a UK regulated or prescribed market, namely when their stake reaches, crosses above, or drops below a threshold specified in DTR 5 of the Disclosure Guidance and Transparency Rules (DTR). It likewise covers the parallel notification duties imposed on the issuers of those shares under DTR 5. A person may hold voting interests as a shareholder and/or via direct or indirect positions in specified financial instruments. For details of the notification obligations relating to transactions by a person discharging managerial responsibilities, see Practice Note: Continuing obligations—transactions by a person discharging managerial responsibilities (UK Market Abuse Regulation and DTR 3).

Summary

DTR 5 prescribes how major voting rights arising from investors’ shareholdings must be disclosed. The regime originates from the EU Transparency Directive, as revised by the EU Transparency Directive Amending Directive. On implementation, those EU provisions superseded the former Companies Act 1985 rules on disclosing interests in shares...

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Web page updated on 22/05/2026

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