Our Legal Expert Group contributed to our response to the FCA Consultation Paper CP15/38 – Provisions to delay disclosure of inside information within the FCA's Disclosure and Transparency Rules. We commented on the proposed amendment to the guidance currently contained in the FCA's Disclosure and Transparency Rules (DTR2.5.5G).
We welcomed the proposed change, without issuing further guidance relating to "legitimate interest", stating that it would support a properly functioning disclosure regime. We noted that it was a helpful amendment, particularly given the evolution of the concept of “inside information” to the point where the threshold tests for publication are considerably lower than what has been considered to be acceptable market practice over many years and the information and circumstances likely to be considered in the context of delayed disclosure is therefore greater.
We commented that, in light of the Market Abuse Regulation coming into effect from July 2016, the ongoing oversight of AIM regulation will add a further level of control over the publication of inside information, including timing and content of announcements.