The FCA has published Consultation Paper 14/12: Removing the Transparency Directive’s requirement to publish interim management statements.

CP14/12 is seeking views on its proposals to remove the requirement for issuers of shares admitted to trading on a regulated market to publish interim management statements pursuant to the Transparency Directive Amending Directive.

In CP14/12, the FCA proposes to:

  • remove DTR 4.3 (the FCA’s Disclosure Rules and Transparency Rules) on interim management statements (IMSs);
  • remove DTR 4.4.6R and DTR 6.3.5R(3)(c), each becoming obsolete as a result of removing the requirements to publish interim management statements and to amend the FCA Glossary definition of the Transparency Directive;
  • amend DTR 4.4.1R, 4.4.2R, 4.4.5R, 4.4.7R and 4.4.8R because of the consequential effect of the point above; and
  • amend DTR 8 Annex 2, DTR TP1(19) and Listing Rule 17.3.6G, all of which refer to interim management statements.

The FCA also plans to remove the requirement to publish IMSs in autumn 2014, one year ahead of the full implementation of the Directive.

The deadline for responses to CP14/12 is 4 September 2014.

View CP14/12: Removing the Transparency Directive’s requirements to publish interim management statements, 23 July 2014