There has been published on the website the Transparency Regulations 2015 (the Regulations) together with an explanatory memorandum.

In the UK the Transparency Directive is transposed by Part 6 of the Financial Services and Markets Act 2000 (FSMA) which provides power to make transparency rules, for the enforcement of transparency obligations, and penalties for breaches of those obligations and by transparency rules made by the FCA under Part 6 of FSMA.

The Transparency Directive was amended by a Directive that was adopted on 22 October 2013 (the 2013 Directive) and published in the Official Journal of the EU on 6 November 2013. Member States are required to transpose the changes introduced by the 2013 Directive by 26 November 2015.

The Regulations make certain amendments to Part 6 of FSMA. They also amend FSMA provisions concerning disregarded holdings in the definition of “controller” and for the purposes of acquisitions and disposals of major shareholdings in authorised persons (in Part 12 of FSMA), and in recognised investment exchanges (in chapter 1A of Part 18 of FSMA). The FCA intends to make amendments to transparency rules under the provisions of FSMA.

The 2013 Directive is also transposed by two earlier instruments: the Financial Services and Markets Act 2000 (Transparency) Regulations 2014 and the Payments to Governments and Miscellaneous Provisions Regulations 2014, and by amendments to the FCA transparency rules.

View The Transparency Regulations 2015, 9 October 2015

View The Transparency Regulations 2015 – explanatory memorandum, 9 October 2015