UK FCA Primary Market Bulletin No. 59

The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 59 (PMB59). It begins with findings from a review of issuers' compliance with Article 17.4 of the UK Market Abuse Regulation (MAR) on delayed disclosure of inside information (DDII) under certain conditions. Notably, the FCA observed a 39% drop in DDII notifications, alongside an increase of approximately seven days in average delay periods compared to its previous review in November 2020. While this could be due to fewer instances of information being classified as inside information, or a reduced use of delayed disclosure rather than non-compliance, the FCA reminds issuers of their obligations under UK MAR, including timely DDII submissions and maintaining confidentiality.

PMB59 also addresses listed companies acquiring cryptoassets like bitcoin for long-term value appreciation as part of their broader treasury management strategy. The FCA has contacted relevant companies, advising that they should ensure clear communication of risks and benefits to shareholders, consideration of reverse takeover rules under the UK Listing Rules, compliance with financial promotion rules as well as their disclosure obligations under Article 17 UK MAR, noting that acquisition of cryptoassets may constitute inside information.

Additionally, the FCA confirms a consultation paper is expected on proposed changes to the UK Short Selling Regime, which entered into force in January. An event on its proposed policy is scheduled for 6 November 2026, with registration now open.

Finally, following PMB57, the FCA reminds firms of upcoming changes to the National Storage Mechanism, including new metadata requirements effective from 3 November. Key changes when submitting disclosures through the Electronic Submission System and Primary Information Provider are outlined within.

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