GC25/1: Primary Market Bulletin No. 55

Why we are consulting

1. Listing regime: guidance in our Knowledge Base

In CP23/31[1], we said we intended to publish proposed revisions to key technical and procedural notes. We wanted to reflect the proposed changes to the listing regime, including aspects of the sponsor regime.  

We started this consultation process with Primary Market Bulletin (PMB) 48[2], and have continued with PMBs 50[3], 51[4] and 53[5].  

In line with the phased approach first outlined in PMB 48, we are continuing to update technical and procedural notes in our Knowledge Base. This reflects recent changes to the listing regime and feedback on the sponsor regime in addition to the rule changes. 

We are now consulting on amendments to several existing technical notes in relation to the listing regime.  

2. Digital reporting for annual financial statements

We propose a small number of changes to Technical Note 507.1, ‘Structured digital reporting for annual financial statements prepared in accordance with International Financial Reporting Standards’.

The changes reflect the fact that a new European Single Electronic Format (ESEF) taxonomy has been published.  

It is relevant to the existing rules on the reporting format in our disclosure and transparency rules (DTR) 4.1 – from DTR 4.1.15R.  

Summary of our proposals  

We are consulting on the following changes to the Knowledge Base. For ease, the amended Technical Notes are presented with changes marked.

We summarise our proposals in Primary Market Bulletin 55[6].  

This includes amendments to the following technical notes.

Periodic financial information  

• Periodic financial information and inside information – FCA/TN/506.2[7].
• Structured digital reporting for annual financial statements prepared in accordance with International Financial Reporting Standards – Primary Market/TN/507.1[8].

Regulatory announcements including inside information

• Delaying disclosure/dealing with leaks and rumours – UKLA/TN/520.2[9].
• Assessing and handling inside information – UKLA/TN/521.3[10].

Disclosure of positions held by issuers, investors and management

• Issuer's obligations – UKLA/TN/542.2[11].

Next steps

Please send your comments on our proposals by 15 May 2025 to [email protected].    

Background

The Knowledge Base[12] is our repository of non-Handbook commentary that has the status of formal FCA guidance. 

It consists of a series of procedural and technical notes ordered by topic. The notes involve, among other topics, aspects of the:

• UK Listing Rules
• Prospectus Regulation Rules  
• Disclosure Guidance and Transparency Rules

The information aims to help issuers, sponsors and practitioners interpret these rules.