As part of its response to the financial crisis, the FSA has amended the Disclosure and Transparency Rules to permit issuers that are eligible to receive liquidity support from the Bank of England or another central bank to delay the disclosure of such support.

DTR 2 (Disclosure and control of inside information by issuers) broadly requires an issuer admitted to trading on a regulated market (which includes the main market of the London Stock Exchange, but not AIM) to disclose via a RIS any inside information relating to it as soon as possible. However, DTR 2.5 (Delaying disclosure of inside information) permits an issuer to delay the disclosure of inside information in certain limited circumstances.

The new rule DTR 2.5.5AR recognises that an issuer which receives liquidity support from the Bank of England or another central bank may have a legitimate interest in delaying the public disclosure of this fact. However, any delayed disclosure of liquidity support should not mislead the public and the issuer should be able to maintain the confidentiality of the information.

The amendments to DTR 2.5 came into force on 6 December 2008.

View the text of the amended DTR 2.5 in the FSA Handbook (web page)

22 December 2008

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