DTR (Disclosure Guidance and Transparency Rules) is the FCA rulebook section governing disclosure and transparency obligations for UK-listed issuers.
Key DTR Chapters
| Chapter | Subject | Key Requirements |
|---|---|---|
| DTR 1 | Information gathering | Auditor cooperation |
| DTR 2 | Disclosure requirements | Inside information, PIPs |
| DTR 4 | Periodic reporting | Annual/interim financial reports |
| DTR 5 | Major shareholdings | Voting rights notifications |
| DTR 6 | Continuing obligations | Ongoing issuer duties |
| DTR 8 | PIPs | Primary Information Provider standards |
DTR 5: Major Shareholding Thresholds
Notification required when voting rights cross:
| Threshold | Notification Deadline |
|---|---|
| 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% | Shareholder: 2 trading days |
| Then each 1% up to 100% | Issuer: 3 business days |
Aggregation rules:
- Direct + indirect holdings combined
- Certain derivatives count as financial instruments
- Concert party holdings may aggregate
DTR 2 & MAR Alignment
DTR 2 implements MAR Article 17 requirements in UK rulebook:
- Disclose inside information "without delay"
- Use FCA-approved PIPs only
- Maintain audit trails and records