Guidance set out in the FCA’s DTRs relating to the disclosure and control of inside information and transactions by persons discharging managerial responsibilities. Part of the continuing obligations regime.

The DTR are part of the FCA Handbook and contain disclosure guidance, transparency rules, corporate governance rules and rules relating to primary information providers. The DTR apply to companies whose shares are admitted to the Official List and traded on the London Stock Exchange, but, other than Chapter 5, not companies whose securities are traded on AIM or companies with debt securities listed on the Professional Securities Market and which do not have shares or other securities traded on a regulated market.

The Disclosure Guidance and Transparency Rules sourcebook containing the Disclosure Guidance given in the Financial Conduct Authority Handbook and contained within DTR 1-3. The DTRs also include: • the Transparency rules relating to the notification and dissemination of information in respect of issuers of transferable securities and relating to major shareholdings. • Corporate Governance Rules (DTR 1B, 4 and 7) for the purpose of implementing or dealing with matters regarding any EU law obligation relating to the corporate governance of issuers who have requested or approved admission to trading of their securities and about corporate governance in relation to such issuers for the purpose of implementing, or dealing with matters regarding any EU law obligation. • rules relating to primary information providers. When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of DTR.

The DTR are part of the FCA Handbook and contain disclosure guidance, transparency rules, corporate governance rules and rules relating to primary information providers. The DTR apply to companies whose shares are admitted to the Official List and traded on the London Stock Exchange, but, other than Chapter 5, not companies whose securities are traded on AIM or companies with debt securities listed on the Professional Securities Market and which do not have shares or other securities traded on a regulated market.

Along with the Listing Rules and Prospectus Rules, the DTRs are part of the FCA Handbook, sometimes collectively known as the Part 6 Rules (deriving as they do from FSMA 2000, Pt 6). The DTRs are maintained by the FCA and apply to companies whose shares are admitted to the Official List and traded on the London Stock Exchange (LSE), but, other than DTR 5, not companies whose securities are quoted on AIM or companies with debt securities listed on the Professional Securities Market, which do not have shares or other securities traded on the LSE or another regulated market.

STOP PRESS: A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook came into force to implement the changes and the previous Listing Rules sourcebook was revoked. For further information, see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note reflects the listing regime as it was prior to 29 July 2024. This Practice Note discusses the requirements of the Disclosure Guidance and Transparency Rules in relation to a company’s annual financial report and the related statutory regime. It also considers the requirements in relation to a company active in the extractive industries to file reports annually in relation to payments to governments. As

Tracker overview This Disclosure Guidance and Transparency Rules (DTR) tracker presents a summary of recent and proposed changes to the provisions in the Disclosure Guidance and Transparency Rules Sourcebook as well as related legislative and regulatory developments, guidance and updatesThe tracker also contains links to consultation papers, policy statements, practical guidance and notices issued by the Financial Conduct Authority (FCA) (and the Financial Services Authority (FSA) before it). In this tracker, PRM means the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook, NSM means the National Storage Mechanism and PIP means Primary Information Provider. Developments in 2026 Date Issuing body Document Description 19/05/2026 Financial Services Regulatory Initiatives Forum Regulatory Initiatives Grid, May 2026 The Regulatory Initiatives Grid was published confirming that the FCA plans to review the DTR to consider the value of the current rules for issuers and investors and to explore if changes are needed to make the UK public markets more attractive. The FCA aims to publish a public document in Q3 2026. 27/03/2026 FCA Prospectus Rules (Miscellaneous

This timetable sets out the key procedural steps for disclosure under the Disclosure Scheme operating in the Business and Property Courts, including document preservation obligations, Initial Disclosure, completing the Disclosure Review Document (DRD), Extended Disclosure, and steps that need to be taken at and after the case management conference (CMC). For the purposes of this timetable, it is assumed that the parties are legally represented. Note: the timetable does not address disclosure under CPR 31. For further guidance on disclosure under CPR 31, see: Disclosure—overview. The Disclosure Scheme is mandatory for most claims proceeding in the Business and Property Courts by virtue of CPR PD 57AD (in force from 1 October 2022). For an understanding as to whether the Disclosure Scheme applies to a claim, see: Which disclosure rules apply to my claim—flowchart? and Practice Notes: • Disclosure Scheme—definitions, principles and duties • Disclosure Scheme—when and where it applies • How does the B&PCs Disclosure Scheme work? The Disclosure Scheme contains various stages that need to be undertaken within specific time frames. This Checklist draws that information

This Practice Note considers the ability to seek Disclosure Guidance from the courts under the Disclosure Scheme in place in the Business and Property Courts (B&PCs) set out in CPR PD 57AD, para 11. The Disclosure Scheme came into force on 1 October 2022 following a disclosure pilot scheme. Judgments under the pilot scheme retain relevance and are included below. What is Disclosure Guidance under the Disclosure Scheme? Under CPR PD 57AD, para 11.1, you can seek guidance from the court on any point relating to the operation of the Disclosure Scheme. The provisions in CPR PD 57AD, para 11.1–CPR PD 57AD, para 11.5 on Disclosure Guidance do not affect or limit the court’s jurisdiction to determine any point as to the scope of disclosure, the application of any provision within the Disclosure Scheme or the effect of any court order. A party is therefore able to make an application to the court to seek determination of a disclosure issue at any time (CPR PD 57AD, para 11.6) and this compliments the provisions of CPR PD 57AD, para 6.8–CPR

This Practice Note considers Extended Disclosure under the Disclosure Scheme in the Business and Property Courts (B&PCs) under CPR PD 57AD. It explains what Extended Disclosure is, how to obtain Extended Disclosure, the court’s considerations when making an Extended Disclosure order, including the concept of ‘reasonable and proportionate’ and the different Extended Disclosure Models A, B, C, D and E. The Disclosure Scheme came into force on 1 October 2022 following a disclosure pilot scheme. Judgments under the pilot scheme retain relevance and are included below. What is Extended Disclosure? The general (expected) process for disclosure under the Disclosure Scheme is: • first, Initial Disclosure, when statements of case are served and potentially a request for further ‘additional disclosure’ (see Practice Note: Disclosure Scheme—Initial Disclosure); and then • second, prior to the first Case Management Conference (CMC), the parties are to discuss and try to agree what, if any, Extended Disclosure (by way of Extended Disclosure Models A, B, C, D or E (or a combination thereof)) may be required Extended Disclosure is not a requirement

This Practice Note considers the simplified regime for seeking Extended Disclosure in Less Complex Claims under the Disclosure Scheme operating in the Business and Property Courts (B&PCs) under CPR PD 57AD. The Disclosure Scheme came into force on 1 October 2022 following a disclosure pilot scheme. Judgments under the pilot scheme retain relevance and are included below. All references to Appendices 5, 6 or 7 in this Practice Note are to these appendices to CPR PD 57AD. Does the Disclosure Scheme operate a different disclosure regime for Less Complex Claims? As set out in Practice Note: Disclosure Scheme—Extended Disclosure, the Disclosure Scheme envisages a process for disclosure based on: • first, Initial Disclosure, when statements of case are served and potentially a request for further ‘additional disclosure’ (see Practice Note: Disclosure Scheme—Initial Disclosure), and then • second, prior to the first case management conference (CMC), the parties are to discuss and try to agree what, if any, Extended Disclosure (by way of Extended Disclosure Models A, B, C, D or E (or a combination

This Practice Note considers the provision of Initial Disclosure with a party’s statement of case under the Disclosure Scheme in operation in the Business and Property Courts (B&PCs) under CPR PD 57AD. It considers what must be provided, the obligations on the party and the approach taken where the requirements and obligations are not met. It also considers the position in relation to parties outside England and Wales. The Disclosure Scheme came into force on 1 October 2022 following a disclosure pilot scheme. Judgments under the pilot scheme retain relevance and are included below. The rules regarding Initial Disclosure are set out in CPR PD 57AD, para 5. Nothing in that paragraph affects the operation of CPR PD 16, para 7.3 which sets out the documents to be provided with the particulars of claim when the claim is based on a written agreement (CPR PD 57AD, para 5.14). See Practice Note: Drafting the particulars of claim. Note, since parties need to consider their disclosure obligations under the Disclosure Scheme before the issue of proceedings, it is