UK Financial Conduct Authority Consults on Enhancing the National Storage Mechanism

The U.K. Financial Conduct Authority has published a consultation on proposals to change the requirements for submitting regulated information to the National Storage Mechanism. The NSM is a free-to-use online archive of company information allowing users to access information about issuers. Regulated information is that disclosed by regulated market issuers in accordance with the Disclosure Guidance and Transparency Rules, Listing Rules, and parts of MAR. The FCA proposes to introduce more comprehensive metadata requirements to improve the functionality of the NSM by making it easier for NSM users to find regulated information. This includes expanding the requirements for the filing of legal entity identifiers and to update some of the headline information that is used to categorize regulated information. The FCA also proposes to standardise the way that Primary Information Providers, those firms approved by the FCA to disseminate regulated information on behalf of issuers, submit information to the NSM using the same standard schema and Application Programming Interface. The FCA states that its proposed changes will enable it to implement improved data quality controls and make it easier for NSM users to find regulated information. The deadline for comments is September 27, 2024.

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