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United Kingdom
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UK MAR Article 19: PDMR and PCA transactions—notification duties for PDMRs and issuers, FCA/RIS process, thresholds, timing, definitions and closed period restrictions

Practice notes
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This brief guide sets out practical details on making notifications of transactions or dealings in a company’s shares, and specified other securities, by persons discharging managerial responsibilities (PDMRs) and persons closely associated with them (PCAs) under Article 19 of Assimilated Regulation (EU) No 596/2014 on market abuse (the UK Market Abuse Regulation). For an in‑depth overview of the regime on PDMR transactions, see Practice Note: Continuing obligations—transactions by a person discharging managerial responsibilities (UK Market Abuse Regulation and DTR 3).

Which companies are subject to the provisions on PDMR transactions under Article 19 of the UK Market Abuse Regulation?

The disclosure rules for PDMR transactions in Article 19 of the UK Market Abuse Regulation apply to:

  • a company with financial instruments admitted to trading on a UK regulated market, which includes the London Stock Exchange’s Main Market and the AQSE Main Market
  • a company with financial instruments admitted to trading on a UK multilateral trading facility (UK MTF), which includes AIM and the AQSE Growth Market
  • a company with financial instruments admitted to trading on a UK organised trading facility
  • a company that has requested admission of its financial instruments...
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Web page updated on 22/05/2026

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