Dissemination and storage of regulated information
Regulatory information services
Storage of regulated information
Secondary Information Providers (SIPs)
Dissemination of regulated information
Since 2002, the Listing Rules have required the use of the PIP/SIP regime for the disclosure of regulated information. The regime works on the basis that issuers are required to issue their regulatory announcements via any Primary Information Provider (PIP) approved by the FSA. We approve providers that meet the requisite standards and, once approved, the providers of those services operate as Regulated Information Services providers (RIS). We ensure that the RIS have to comply with certain minimum standards, particularly for security, timely distribution and ease of use.
We believe that the PIP/SIP model meets the dissemination requirements of the TD and so propose that issuers whose home Member State is the UK should continue to use it to disclose regulated information.
Storage of regulated information
Under the TD regulated information must be disseminated, filed and then stored for a five year period. The TD envisages that regulated information will be centrally stored in an Officially Appointed Mechanism (OAM) and that there will be at least one OAM for the central storage of such information in each Member State. The European Commission is unlikely to set detailed standards for OAMs until sometime after the deadline for TD implementation, but has charged each individual Member State with the task of finding an interim approach towards the storage of regulated information. The Commission has indicated that if a Member State’s interim storage mechanism offers end users ‘some kind of access’ to regulated information then a wide and flexible interpretation will be acceptable in this interim period.
In the CP 06/4, we set out our proposed interim approach towards the storage of regulated information, for the period between implementation of the TD and the formal implementation of measures to specify OAM standards. To make regulated information more accessible we intend to enhance the RIS section of the website and make the links to the providers of information on our website generally more prominent.