The Financial Conduct Authority (FCA) has confirmed that the way in which investors submit TR-1 notifications of major shareholdings will change from 22 March 2021.
The FCA announced that it would make changes to the submission process in November 2020 (see our corporate update 2020/22). From 22 March 2021, all TR-1 notifications in relation to shares in a UK issuer admitted to trading on a regulated market, should be submitted electronically to the FCA via the FCA’s Electronic Submission System (ESS). The FCA has published a registration guide to help investors prepare for the new system.
Under DTR5.1.2, certain shareholders and holders of financial instruments are required to notify an issuer of dealings in that issuer’s securities. Investors currently inform the issuer using Form TR-1. For issuers on the main market of the London Stock Exchange, the form must also be emailed to the FCA.