DTR 6 Continuing obligations and access to information

1. (1)

   Subject to the exemptions set out in DTR 6.1.16 R - DTR 6.1.19 R this section applies in relation to an issuer whose transferable securities are admitted to trading.

2. (2)

   References to transferable securities, shares and debt securities are to such instruments as are admitted to trading.

1. (1)

   An issuer of shares must ensure equal treatment for all holders of shares who are in the same position. [Note: article 17(1) of the TD]

2. (2)

   An issuer of debt securities must ensure that all holders of debt securities ranking pari passu are given equal treatment in respect of all the rights attaching to those debt securities. [Note: article 18(1) of the TD]

An issuer of shares or debt securities must ensure that all the facilities and information necessary to enable holders of shares or debt securities to exercise their rights are available in the United Kingdom and that the integrity of data is preserved. [Note: articles 17(2) and 18(2) of the TD]

1. (1)

   Shareholders and debt securities holders must not be prevented from exercising their rights by proxy, subject to the law of the country in which the issuer is incorporated. [Note: articles 17(2) and 18(2) of the TD]

2. (2)

   An issuer of shares or debt securities must make available a proxy form, on paper or, where applicable, by electronic means to each person entitled to vote at a meeting of shareholders or a meeting of debt securities holders. [Note: articles 17(2)(b) and 18(2)(b) of the TD]

3. (3)

   The proxy form must be made available either:

   1. (a)

      together with the notice concerning the meeting; or

   2. (b)

      after the announcement of the meeting.

      [Note: articles 17(2)(b) and 18(2)(b) of the TD]

An issuer of shares or debt securities must designate, as its agent, a financial institution through which shareholders or debt securities holders may exercise their financial rights. [Note: articles 17(2)(c) and 18(2)(c) of the TD]

To use electronic means to convey information to holders, an issuer must comply with the following:

1. (1)

   a decision to use electronic means to convey information to shareholders or debt securities holders must be taken in a general meeting;

2. (2)

   the use of electronic means must not depend upon the location of the seat or residence of:

   1. (a)

      the shareholder; or

   2. (b)

      persons referred to in rows (a) to (h) of the table set out in DTR 5.2.1 R; or

   3. (c)

      the debt security holder; or

   4. (d)

      a proxy representing a debt security holder.

3. (3)

   identification arrangements must be put in place so that the shareholders, debt security holders or other persons entitled to exercise or to direct the exercise of voting rights are effectively informed;

4. (4)

   shareholders, debt security holders or persons referred to in rows (a) to (e) of the table set out in DTR 5.2.1 R who are entitled to acquire, dispose of or exercise voting rights must be:

   1. (a)

      contacted in writing to request their consent for the use of electronic means for conveying information and if they do not object within a reasonable period of time, their consent can be considered to have been given; and

   2. (b)

      able to request at any time in the future that information be conveyed in writing; and

5. (5)

   any apportionment of the costs entailed in the conveyance of information by electronic means must be determined by the issuer in compliance with the principle of equal treatment set out in DTR 6.1.3 R.

But paragraph (4) above does not apply in any case where schedule 5 to the Companies Act 2006 applies.

[Note: articles 17(3) and 18(4) of the TD ]

An issuer of shares must without delay disclose to the public any change in the rights attaching to its various classes of shares, including changes in the rights attaching to derivativesecurities issued by the issuer giving access to the shares of that issuer. [Note: article 16(1) of the TD]

An issuer of securities other than shares admitted to trading on a regulated market must disclose to the public without delay any changes in the rights of holders of securities other than shares, including changes in the terms and conditions of such securities which could indirectly affect those rights, resulting in particular from a change in loan terms or in interest rates.[Note article 16(2) of the TD]

An issuer of shares must provide information to holders on:

1. (1)

   the place, time and agenda of meetings;

2. (2)

   the total number of shares and voting rights; and

3. (3)

   the rights of holders to participate in meetings. [Note: article 17(2)(a) of the TD]

An issuer of shares must publish notices or distribute circulars concerning the allocation and payment of dividends and the issue of new shares, including information on any arrangements for allotment, subscription, cancellation or conversion. [Note: article 17(2)(d) of the TD]

An issuer of debt securities must publish notices or distribute circulars concerning:

1. (1)

   the place, time and agenda of meetings of debt securities holders;

2. (2)

   the payment of interest;

3. (3)

   the exercise of any conversion, exchange, subscription or cancellation rights and repayment; and

4. (4)

   the rights of holders to exercise their rights in relation to paragraphs (1) – (3).

[Note: article 18(2)(a) of the TD ]

An issuer whose registered office is in a third country is exempted from DTR 6.1.3 R to DTR 6.1.15 R if:

1. (1)

   the law of the third country in question lays down equivalent requirements; or

2. (2)

   the issuer complies with requirements of the law of a third country that the FCA considers as equivalent.

[Note: article 23(1) of the TD]

A regional or local authority with securities admitted to trading is not required to comply with the following:

1. (1)

   DTR 6.1.4 R to DTR 6.1.8 R; and

2. (2)

   DTR 6.1.14 R.

[Note: article 1(3) of the TD ]

DTR 6.1.3 R to DTR 6.1.8 R and DTR 6.1.12 R to DTR 6.1.14R do not apply to:

1. (1)

   an issuer of transferable securities convertible into shares;

2. (2)

   an issuer of preference shares; and

3. (3)

   an issuer of depository receipts.

This section applies to:

1. (1)

   an issuer whose transferable securities are admitted to trading; and

2. (2)

   a person who has requested, without the issuer's consent, the admission of its transferable securities to trading on a regulated market.

An issuer or person that discloses regulated information must, at the same time, file that information with the FCA. [Note: article 19(1) of the TD]

Where an issuer or person is required to file regulated information under DTR 6.2.2R, the issuer or person must have a legal entity identifier (LEI) (where eligible) with an ‘issued’ registration status on the GLEIF Global LEI Index and, when the issuer or person files regulated information under DTR 6.2.2R, they must notify the following to the FCA:

1. (1)

   the name and LEI of the issuer concerned;

2. (2)

   [deleted]

3. (3)

   the name and LEI (where eligible) of the person required to file the regulated information, if different from the issuer concerned;

4. (4)

   the name of any related issuer;

5. (5)

   the LEI of any related issuer; and

6. (6)

   the headline information that is relevant to the regulated information.

DTR 6.2.2AR(5) does not apply if information regarding the LEI of any related issuer is not available on the GLEIF Global LEI Index.

DTR 6.2.2AR(5) does not apply if the headline information provided under DTR 6.2.2AR(6) is the headline code ‘NAV’ and headline category ‘Net Asset Value(s)’ from DTR 8 Annex 2R.

Regulated information must be disclosed in English.

[Note: article 20(1) of the TD]

If transferable securities are admitted to trading without the issuer's consent:

1. (1)

   DTR 6.2.4 R does not apply to the issuer; and

2. (2)

   DTR 6.2.4 R applies to the person who has requested such admission without the issuer's consent.

[Note: article 20(4) of the TD]

An issuer must file its annual financial report with the FCA by uploading it to the national storage mechanism.

This section applies to:

1. (1)

   an issuer whose transferable securities are admitted to trading; and

   [Note: article 21(1) of the TD]

2. (2)

   a person who has applied, without the issuer's consent, for the admission of its transferable securities to trading on a regulated market.

   [Note: article 21(1) of the TD]

3. (3)

   [deleted]

An issuer or person must disclose regulated information in the manner set out in DTR 6.3.3 R to DTR 6.3.8 R. [Note: article 21(1) of the TD]

1. (1)

   When disseminating regulated information an issuer or other person must ensure that the minimum standards contained in DTR 6.3.4 R to DTR 6.3.8 R are met.

2. (2)

   An issuer or person must entrust a RIS with the disclosure of regulated information to the public and must ensure that the RIS complies with the minimum standards contained in DTR 6.3.4 R to DTR 6.3.8 R.

[Note: article 12(1) of the TD implementing directive]

Regulated information must be disseminated in a manner ensuring that it is capable of being disseminated to as wide a public as possible, and as close to simultaneously as possible in the United Kingdom.

[Note: article 12(2) of the TD implementing directive]

1. (1)

   Subject to (1A), an issuer or person must communicate regulated information to the media in unedited full text.

   [Note: article 12(3) of the TD implementing directive]

2. (1A)

   An issuer or person who discloses regulated information is exempt from paragraph (1) if:

   1. (a)

      the regulated information in unedited full text has been filed with the FCA by uploading it to the national storage mechanism;

   2. (b)

      the regulated information has been communicated to the media; and

   3. (c)

      the communication contains a statement that the regulated information is available in unedited full text on the national storage mechanism.

3. (2)
   1. (a)

      [deleted]

   2. (b)

      [deleted]

4. (3)

   Where (1A) applies, the announcement relating to the publication of the following regulated information must also include an indication of the website on which the relevant documents are available:

   1. (a)

      an annual financial report that is required by DTR 4.1 to be made public;

   2. (b)

      a half-yearly financial report that is required by DTR 4.2 to be made public; and

   3. (c)

      [deleted]

   4. (d)

      a report on payments to governments that is required by DTR 4.3A to be made public.

[Note: article 12(3) of the TD implementing directive]

Regulated information must be communicated to the media in a manner which ensures the security of the communication, minimises the risk of data corruption and unauthorised access, and provides certainty as to the source of the regulated information. Security of receipt must be ensured by remedying as soon as possible any failure or disruption in the communication of regulated information. An issuer or person is not responsible for systemic errors or shortcomings at the media to which the regulated information has been communicated.[Note: article 12(4) of the TD implementing directive]

Regulated information must be communicated to a RIS in a way which:

1. (1)

   makes clear that the information is regulated information;

2. (2)

   identifies clearly:

   1. (a)

      the issuer concerned;

   2. (b)

      the subject matter of the regulated information;

   3. (c)

      the time and date of the communication of the regulated information by the issuer or the person;

   4. (d)

      the legal entity identifier (LEI) of the issuer concerned;

   5. (e)

      the name and LEI (where eligible) of any person who has applied, without the issuer’s consent, for the admission of its transferable securities to trading on a regulated market;

   6. (f)

      the name of any related issuer;

   7. (g)

      the LEI of any related issuer; and

   8. (h)

      the headline information that is relevant to the regulated information.

[Note: article 12(5) of the TD implementing directive]

DTR 6.3.7R(2)(g) does not apply if information regarding the LEI of any related issuer is not available on the GLEIF Global LEI Index.

DTR 6.3.7R(2)(g) does not apply if the headline information provided under DTR 6.3.7R(2)(h) is the headline code ‘NAV’ and headline category ‘Net Asset Value(s)’ from DTR 8 Annex 2R.

Upon request, an issuer or other person must be able to communicate to the FCA, in relation to any disclosure of regulated information:

1. (1)

   the name of the person who communicated the regulated information to the RIS;

2. (2)

   the security validation details;

3. (3)

   the time and date on which the regulated information was communicated to the RIS;

4. (4)

   the medium in which the regulated information was communicated; and

5. (5)

   details of any embargo placed by the issuer on the regulated information, if applicable.

[Note: article 12(5) of the TD implementing directive]

An issuer or person must not charge investors any specific cost for providing regulated information. [Note: article 21(1) of the TD]

1. (1)

   Information that is disclosed in a third country which may be of importance to the public in the United Kingdom must be disclosed in accordance with the provisions set out in DTR 6.2 and DTR 6.3.

2. (2)

   Paragraph (1) applies additionally to information that is not regulated information.

[Note: article 23(3) of the TD]