The Financial Conduct Authority (FCA) has published a Policy Statement (PS24/19) setting out the final rules to implement the changes to the National Storage Mechanism (NSM).
The NSM is a platform operated by the FCA which allows users to access and download company information, in particular regulated information – that is information required to be disclosed by listed companies (or on their behalf) under the Disclosure Guidance and Transparency Rules (DTRs), UKLRs and the UK Market Abuse Regulation (UK MAR). The NSM is used both by primary information providers (PIPs) disseminating information on behalf of companies and by companies uploading information directly themselves.
These rule changes follow the FCA’s consultation paper CP 24/17, published in August 2024, on enhancing the NSM (see our blog here).
The changes being introduced by the FCA include:
- Requirement to include name and Legal Entity Identifier (LEI) when filing regulation information at the NSM – the LEI is a unique global identifier, allocated to listed companies and individuals acting in a business capacity (but not those acting in a private capacity or employees). Issuers and people filing regulated information under DTR 6.2.2 will be required to notify the name and LEI of the issuer concerned, the name and LEI of the person filing the regulated information (if different), and the name and LEI (if available) of any related issuers that are the subject of the disclosure, whether or not the related issuers are involved in filing the regulated information.
- Headline codes and categories when submitting regulated information to the NSM – the headline codes and categories, which are designed to help users when searching for regulated information, will be updated and will have to be included when regulated information is being filed.
The new rules come into force on 3 November 2025.
The Policy Statement also includes feedback on the FCA’s plans for further improvements to the NSM and confirms that any further changes will be subject to consultation.
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