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).
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.