News
The Investor Relations Society (the Society) today welcomed the announcement by the Financial Services Authority (FSA) that the new regime for disclosure of CFDs would commence on 1 June 2009. The Society had been pressing the FSA for earlier implementation than the original autumn target date.
Commenting on the announcement, Peregrine Riviere, Chairman of the Society said:
‘This is the culmination of over two years of lobbying by the Society to bring CFDs within the scope of the disclosure regime for economic interests in companies. The FSA announced the results of its consultation last year, so we are pleased that a date for implementation has now been set.'
For further information contact:
The Investor Relations Society
Peregrine Riviere - Chairman 07909 907193
Michael Mitchell - General Manager 020 7379 1763
Notes for editors:
The timetable for the implementation of disclosure of CFDs was announced by the FSA in their Handbook notice 85 issued on 27 February.
The new rules implement a general disclosure regime which would require the
disclosure, above a threshold of 3%, of all economic interest held through CfDs and other similar instruments (referred to generally as ‘CFDs') aggregated with other holdings of shares and qualifying financial instruments.
The overall objective of this disclosure regime is to prevent the use of CfDs on an undisclosed basis to seek to influence corporate governance and/or build up stakes in companies. This will bring disclosure of holdings of CfDs and other similar financial instruments into line with the current Major Shareholdings Notifications regime under the DTRs for UK incorporated issuers.
The new regime will come into effect on 1 June 2009.
Published: 2 March, 2009