Financial regulator announces new major shareholdings notification portal

Written on 16 Feb 2021

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

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.