Financial Services

Financial regulator announces new major shareholdings notification portal

Published on 16th Feb 2021

Investors should get up to date with registration process as changes loom in March

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The Financial Conduct Authority (FCA) has announced that it is introducing a new major shareholdings notification portal which will be live on Monday 22 March 2021.

Under the Disclosure Guidance and Transparency Rules Chapter 5 (DTR 5), shareholders and holders of financial instruments falling within DTR 5.3.1R (1) must sometimes make notifications.

The FCA, in a recent update (8 February 2021), has reminded position holders with reporting obligations under DTR 5.1.2 that, as of Monday 22 March 2021, all TR-1 notifications regarding shares in a UK issuer admitted to trading on a regulated market should be submitted to the FCA via the major shareholdings notification portal on its Electronic Submission System (ESS).

Two-step registration

The FCA has created a Disclosure Guidance and Transparency Rules Chapter 5 (DTR 5) Registration Guide to help position holders complete the two-step registration process on its ESS, which involves:

  • Step one – register to use the Electronic Submission System (ESS).
  • Step two – register for major shareholdings registration – DTR 5.

Osborne Clarke comment

Currently, TR-1 forms are submitted to the FCA by email. Once the new system is launched, investors will need to complete the electronic TR-1 using the new ESS platform. In readiness for this change, investors should familiarise themselves with the registration requirements and take the necessary actions.

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* This article is current as of the date of its publication and does not necessarily reflect the present state of the law or relevant regulation.

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