DTR 3 Transactions by persons discharging managerial responsibilities and their connected persons

This chapter contains guidance on certain of the notification obligations of issuers, persons discharging managerial responsibilities and their connected persons under article 19 of the Market Abuse Regulation, in respect of transactions conducted on their own account in shares or debt instruments of the issuer, or derivatives or any other financial instrument relating to those shares.

1. (1)

   [deleted]

2. (2)

   An individual may be a "senior executive", as defined in article 3(1)(25)(b) of the Market Abuse Regulation, irrespective of the nature of any contractual arrangements between the individual and the issuer and notwithstanding the absence of a contractual arrangement between the individual and the issuer, provided the individual has regular access to inside information relating, directly or indirectly, to the issuer and has power to make managerial decisions affecting the future development and business prospects of the issuer.

The threshold above which the obligations under article 19(1) of the Market Abuse Regulation will apply to the transactions of a particular person discharging managerial responsibilities or connected person is set out in article 19(8) of the Market Abuse Regulation.