GC25/1: Primary Market Bulletin No. 55
Executive Summary
GC25/1 within Primary Market Bulletin No. 55 consults on targeted amendments to FCA Knowledge Base technical notes to align with UK Listing Rules (UKLR) changes effective 29 July 2024 and a new ESEF taxonomy for digital reporting. This matters for listed issuers and advisors as it updates formal guidance on periodic reporting, inside information handling, and position disclosures, ensuring compliance with post-reform listing regime requirements. #
What Changed
- Amendments to five technical notes: FCA/TN/506.2 (Periodic financial information and inside information), Primary Market/TN/507.1 (Structured digital reporting for IFRS annual statements, reflecting new ESEF taxonomy per DTR 4.1.15R), UKLA/TN/520.2 (Delaying disclosure/dealing with leaks and rumours), UKLA/TN/521.3 (Assessing and handling inside information), and UKLA/TN/542.2 (Issuer's obligations on position disclosures). - Broader PMB 55 finalises 44 notes (e.g., TN/209.4 on Listing Principle 2 notifications, TN/305.3 on hostile takeovers, TN/307.2 on aggregating transactions for closed-ended funds) from prior consultations (PMBs 48, 50, 51, 53), deletes two notes, with TN/710 deferred. - Changes are non-substantive, focusing on updating references to UKLR (PS24/6), removing outdated
What You Need To Do
- Review blacklined amendments in GC25/1 and PMB 55; submit feedback by 15 May 2025 if impacted
- Update internal policies, training, and procedures to reflect finalised notes (e
- Until finalised, interpret existing guidance in light of UKLR; monitor for TN/710 update in future PMB
- For digital reporting, prepare for new ESEF taxonomy in annual IFRS statements
Key Dates
Compliance Impact
Urgency: Medium – Past consultation deadline (15 May 2025) as of January 2026, but finalisation expected by July 2025 requires proactive policy reviews to avoid non-compliance with updated listing guidance. Matters for market integrity and operational alignment with UKLR reforms, with low immediate risk but potential enforcement exposure post-finalisation.
Who is Affected
Summary
Guidance consultations