Interim management statements abolished

Wed 12 Nov 2014

The EU's Transparency Directive Amending Directive (TDAD) has scrapped interim management statements

In November 2013 the EU published the Transparency Directive Amending Directive (TDAD).

Among other provisions was the removal of the requirement for companies admitted to trading on a regulated market to publish interim management statements (IMS). In the UK these requirements are contained in the disclosure and transparency rules (DTR4.3).

Member states have two years in which to adopt legislation to implement the directive. In July 2014 the FRC launched a consultation exercise with the intention of adopting this provision one year early. The deadline for responses was 4 September and the FCA had announced that subject to the responses it was intending to remove DTR4.3 this autumn one year ahead of full implementation of TDAD.

Today the FRC published policy statement PS14/15 and the Disclosure and Transparency Rules (Interim Management Statement) (Amendment) Instrument 2014. With immediate effect the requirement to publish an IMS is removed and DTR 4.3 has been deleted. There are also a number of consequential changes to LR 17.3.6 and DTR4.4 to remove references to IMS.

The full text of the order can be found on the FCA website or following this link.

Companies can continue to publish interim management statements or quarterly financial reports on a voluntary basis if they wish to.