The Financial Conduct Authority (FCA) is introducing a new National Storage Mechanism (NSM) and has published a webpage which sets out information for issuers. Issuers should ensure they are ready to use the new NSM when it is launched, which is expected to be on 30 March 2020.
The NSM is the FCA’s way of making regulated information accessible to all users, as required under the Transparency Directive. Regulated information is announcements and documents published by listed issuers under the Listing Rules and Transparency Rules, as well as prospectuses and announcements of inside information. The NSM is currently provided by Morningstar but the FCA is taking over from Morningstar as NSM operator, and will launch its new portal when it does so.
Alongside the new portal, the FCA is also changing the Electronic Submission Service (ESS) to enable issuers and their representatives to upload regulated information to the new NSM. All submitters to the NSM will have to have an ESS account and provide evidence that they are authorised to file regulated information on behalf of issuers. The FCA has published a user guide to ESS registration and issuer authorisation, and has confirmed that the ESS is now open to accept registrations and authorisations.
A link will be sent to all issuers with the new NSM portal prior to launch. In the meantime issuers should continue using the Morningstar portal.
The FCA has advised all issuers who intend to upload a document (such as an annual report) to the NSM in April, May or June 2020 to register for an ESS account.
Key contacts
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.