The FCA has published Policy Statement 14/15: Removing the Transparency Directive’s requirement to publish interim management statements (PS14/15).

In PS14/15 the FCA reports on the main issues arising from Consultation Paper 14/12: Removing the Transparency Directive’s requirement to publish interim management statements) and publishes final rules.

The Transparency Directive Amending Directive (TDAD) removes the requirement to publish interim management statements. The removal of this requirement will apply to all issuers of shares admitted to trading on a regulated market when the TDAD is implemented in full on a pan-European basis in November 2015.

At the request of HM Treasury, the FCA is implementing this change early and has removed this requirement with effect from 7 November 2014. Until full implementation of the TDAD on a pan-European basis in November 2015, the change to the Disclosure rules and Transparency rules (DTRs) will only affect issuers of shares admitted to trading on a regulated market where the UK acts as home Member State and DTRs apply.

View PS14/15: Removing the Transparency Directive’s requirement to publish interim management statements – including feedback on CP14/12 and final rules, 7 November 2014