Regulatory information services
Produced in partnership with Danette Antao of Hogan Lovells and Maegen Morrison of Hogan Lovells

The following Corporate practice note produced in partnership with Danette Antao of Hogan Lovells and Maegen Morrison of Hogan Lovells provides comprehensive and up to date legal information covering:

  • Regulatory information services
  • What is regulated information?
  • Why appoint a RIS?
  • What is a RIS?
  • New regulatory regime for PIPs
  • Approval process for PIPs
  • Criteria for approval as a PIP
  • Continuing obligations of a PIP
  • Scope
  • Arrangements with media operators
  • More...

Regulatory information services

This Practice Note looks at the regulatory information services regime through which an issuer whose transferable securities are admitted to trading on a UK regulated market (issuer) must disseminate regulated information to the public. In particular, it looks at the role of the regulatory information service (RIS) and primary information provider (PIP) and outlines the key continuing obligations, the approval process and supervisory regime for a PIP.

What is regulated information?

Regulated information is all information which an issuer, or any other person who has applied for the admission of financial instruments to trading on a regulated market without the issuer's consent, is required to disclose under:

  1. the Disclosure Guidance and Transparency Rules (DTR), or

  2. articles 17 to 19 of Retained Regulation (EU) 596/2014 (UK Market Abuse Regulation), or

  3. the Listing Rules (LR)

Regulated information must be disseminated in a manner which ensures that it is capable of being disseminated to as wide a public as possible, and as close to simultaneously as possible in the UK.

Why appoint a RIS?

Under the DTR, an issuer has an obligation to release regulated information to the market. It is important that this information is disseminated in a timely and proper way to ensure that investors are updated and that the markets work effectively. Consequently, the DTR require an issuer to entrust a RIS with the disclosure of regulated

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