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FCA removes requirement for companies to publish interim management statements

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07 Nov 2014

The Financial Conduct Authority (FCA) has today published policy statement PS14/15, which removes the requirement for companies which are subject to the FCA's Disclosure and Transparency Rules (DTR) to publish interim management statements (IMSs). This change is effective from 7 November 2014.

In July, the FCA consulted on proposals to remove mandatory quarterly reporting for companies covered by the DTR. The majority of respondents to the consultation were in favour of the FCA's proposals and so the FCA has now implemented this change through the publication of PS14/15.  At the moment the removal of the requirement for IMSs is only effective for issuers of shares admitted to trading on a regulated market where the UK acts as home Member State and the FCA’s DTRs apply.  Other issuers will have to wait until November 2015 when the revised EU transparency directive, which is the enabling legislation for this change, will be fully implemented on a pan-European basis.

At a detailed level, the amendments to the DTR:

  • Remove the requirements in DTR 4.3 completely
  • Remove DTR 4.4.6R and DTR 6.3.5R(3)(C) which will become obsolete
  • Make consequential amendments to other rules in the DTR that refer to IMSs.

The press release and full policy statement can be downloaded from the FCA website.

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