Persons discharging managerial responsibilities and their connected persons, must notify the issuer in writing of the occurrence of all transactions conducted on their own account in the shares of the issuer, or derivatives or any other financial instruments relating to those shares within four business days of the day on which the transaction occurred. [Note: Article 6(4) Market Abuse Directive and Article 6(1) 2004/72/EC]
5The Act provides that an individual who is not a director can still be a person discharging managerial responsibilities in relation to an issuer if they are a "senior executive of such an issuer" and they meet the criteria set out in the Act.
5An individual may be a "senior executive of such an issuer" irrespective of the nature of any contractual arrangements between the individual and the issuer and notwithstanding the absence of a contractual arrangement between the individual and the issuer, provided the individual has regular access to inside information relating, directly or indirectly, to the issuer and has power to make managerial decisions affecting the future development and business prospects of the issuer.
The notification required by DTR 3.1.2 R must contain the following information:
the reason for responsibility to notify;
the name of the relevant issuer;
a description of the financial instrument;
the nature of the transaction (e.g. acquisition or disposal);
the date and place of the transaction; and
the price and volume of the transaction. [Note: Article 6(3) 2004/72/EC]
- (a) 23
- (b) 234
section 793 of the Companies Act 2006 (Notice requiring information about interests in shares)2to the extent that it relates to the interests of a director or, as far as the issuer is aware, any connected person; and4
The notification to a RIS described in paragraph (1) must be made as soon as possible, and in any event by no later than the end of the business day following the receipt of the information by the issuer.
An issuer with financial instruments admitted to trading on a regulated market in the United Kingdom that does not fall within )DTR 1.1.1 R (2) or DTR 1.1.1 R (4), must notify equivalent information to that required by DTR 3.1.4 R and DTR 3.1.5 R to a RIS as soon as possible after the issuer becomes aware of the information.