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DTR 1A.1 Application and purpose (Transparency rules)

Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering ‘Alternative Performance Measures’, 5 October 2015 (ESMA/2015/1415).4

1The application of Chapters 4, 5 and 6 of DTR is set out at the beginning of each chapter and, where necessary, section.

  1. (1)

    Neither this chapter nor Chapters 4, 5 or 6 of DTR shall apply in relation to an undertaking that falls within paragraph (2) or units of such an undertaking that fall within paragraph (3). [Note: article 1.2 TD].

  2. (2)

    The exemption set out in paragraph (1) applies to an undertaking if it is a unit trust or investment company

    1. (a)

      the object of which is the collective investment of capital provided by the public, and which operates on the principle of risk spreading; and

    2. (b)

      the units of which are, at the request of the holder of such units, repurchased or redeemed, directly or indirectly, out of the assets of that undertaking. [Note: article 2.1(g) TD]

  3. (3)

    Units of an undertaking that falls within paragraph (2) are securities issued by such an undertaking and representing the rights of the participants in such an undertaking. [Note: article 2.1(h) TD]



The original4 purpose of the transparency rules was4 to implement the Transparency Directive and to make other rules to ensure there is adequate transparency of and access to information in the UK financial markets.

FCA performing functions as competent authority


Other relevant parts of Handbook

Note: Other parts of the Handbook that may also be relevant to persons to whom the transparency rules apply include DEPP (Decision Procedure and Penalties Manual) and 2Chapter 9 of SUP (the Supervision manual).

The following Regulatory Guides are also relevant:2

1. The Enforcement Guide (EG)2

2. [intentionally blank]23

Note: A list of regulated markets can be found on the FCA website.