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Key definition
Disclosure Guidance definition

What does Disclosure Guidance mean? Non-binding fca guidance in the disclosure Guidance and Transparency Rules (DTR) sourcebook on how issuers and persons discharging managerial responsibilities (PDMRs) should disclose and control inside information and notify PDMR transactions. It is not a statutory definition but explanatory guidance that sits alongside the DTR rules and supports compliance with UK MAR (notably Articles 17–19 on public disclosure of inside information, insider lists and PDMR dealings). It forms part of the continuing obligations regime for issuers with securities admitted to trading on a UK regulated market and, insofar as UK MAR applies, other UK trading venues. Key features...

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UK FCA DTR 1–1C: application, post‑Brexit and 2024 listing reforms, MAR interplay, audit committees, misleading disclosures and related party rules

Practice notes
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This Resource Note spotlights commentary, analysis and materials to aid interpretation and give practical guidance on applying Chapters 1, 1A, 1B and 1C of the Disclosure Guidance and Transparency Rules: DTR 1, DTR 1A, DTR 1B and DTR 1C respectively.

Materials referenced here include, where pertinent:

  • the Financial Conduct Authority (FCA) Handbook
  • FCA Knowledge Base guidance—Procedural notes and Technical notes (constituting formal guidance and 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 newsletter List!, where still relevant to interpreting or applying a provision
  • assimilated EU legislation
  • EU Directives and EU Regulations, where relevant to interpreting a provision
  • Lexis+ UK analysis and resources

Setting the scene

What it covers: DTR 1 sets out the Disclosure Guidance, explaining its scope and purpose; DTR 1A sets out the Transparency Rules with their scope and purpose; DTR 1B sets out the corporate governance Rules with their scope and purpose; DTR 1C sets out the rules applying to a primary...

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Web page updated on 22/05/2026

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