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Disclosure definition

What does Disclosure mean? Disclosure describes the process in litigation by which a party identifies, lists and, where not protected by privilege, allows inspection of documents within its control that are relevant to the issues in dispute, including confirming that a document exists or has existed. It covers paper and electronic material (ESI), and carries a continuing duty to preserve and disclose. In England and Wales, disclosure is governed by the Civil Procedure Rules: standard disclosure and inspection under Part 31, and in the Business and Property Courts, initial and extended disclosure under Practice Direction 57AD. Parties must conduct a reasonable and proportionate search, list...

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UK Disclosure Guidance and Transparency Rules (DTR) tracker: FCA/FSA rule amendments, consultations, instruments and guidance (2007–2025)

Practice notes
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Tracker overview

This disclosure guidance and transparency rules (DTR) tracker offers a synopsis of recent and proposed amendments to the provisions in the Disclosure Guidance and Transparency Rules Sourcebook, alongside connected legislative and regulatory developments, guidance and updates. It also includes links to consultation papers, policy statements, practical guidance and notices issued by the Financial Conduct Authority (FCA) (and previously by the Financial Services Authority (FSA)). Within this tracker, PRM denotes the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook, NSM denotes the National Storage Mechanism, and PIP denotes Primary Information Provider.

Developments in 2026

  • 27/03/2026 — FCA: Prospectus Rules (Miscellaneous Amendments) Instrument 2026 (FCA 2026/9); Handbook Notice 139, March 2026; Quarterly Consultation CP25/35 No 50, December 2025. Following Quarterly Consultation CP25/35, this instrument (FCA 2026/9) introduced minor amendments to DTR 8 Annex 2R to create a new NSM headline code and headline category linked to admissions to trading.
  • 19/01/2026 — FCA: Prospectus (Consequential Amendments) Instrument 2025 (FCA 2025/31); Handbook Notice 132; CP25/2: Consultation on further changes to the public offers and admissions to trading regime and the UK Listing Rules. Following consultation CP25/2, this instrument (FCA 2025/31) made changes to DTR...
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Web page updated on 22/05/2026

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