UK: DTR change and FCA policy statement - removing the requirement to publish interim management statements

The Disclosure Rules and Transparency Rules (DTR) have been amended to remove, from 7 November 2014, the requirement for interim management statements to be published by issuers of shares admitted to trading on a regulated market where the UK acts as home Member State and the DTRs apply.

Further information is available in the policy statement, Removing the Transparency Directive’s requirement to publish interim management statements, that was published last Friday by the Financial Conduct Authority: see here (pdf). The change to the DTR was made by the Disclosure and Transparency Rules (Interim Management Statements) (Amendment) Instrument 2014, a copy of which will be available here soon.

UK: FCA consultation on removing the requirement to publish interim management statements

The Financial Conduct Authority has published a consultation paper setting out the changes it will make to the Disclosure Rules and Transparency Rules (DTR) in order to remove the requirement for issuers to publish interim management statements: see here (pdf).

UK: The Financial Services and Markets Act 2000 (Transparency) Regulations 2014

The Financial Services and Markets Act 2000 (Transparency) Regulations 2014 were laid before Parliament today and come into force on 6 June. The Regulations given the Financial Conduct Authority the power to remove from its rules the requirement for share issuers to produce interim management statements or quarterly reports, following amendments made to European law. An explanatory memorandum is available here (pdf).

UK: FRC update - currency and country risk

The Financial Reporting Council has published an update for listed company directors in respect of the importance of interim reports conveying a balanced and understandable assessment of country and currency risk: see here (pdf).

UK: interim management statements - Deloitte survey

Deloitte has published a survey of companies' interim management statements. The report, titled And there’s more: Surveying second halves’ interim management statements, is available here (pdf). In the accompanying press release, available here, it is noted:

Only 28% of corporates clearly met the Disclosure and Transparency Rules (DTR) on the content of second halves interim management statements (IMS) ... this result is a marked improvement on the first half IMS for which only 15% did so.

Deloitte’s survey of 100 corporates contained 34, 33 and 33 companies from the top 350, middle group and smallest 350 companies by market capitalisation. 30 investment trusts, spread equally across these three groups, were also surveyed. The survey examined second half IMSs and compared these with those issued in the first half of the year by the same companies".