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DTR 4.4 Exemptions

Public sector issuers

DTR 4.4.1R

The rules on annual financial reports (DTR 4.1) and 3 half-yearly financial reports (DTR 4.2) do not apply to:5

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  1. (1)

    a state;5

  2. (2)

    a regional or local authority of a state5;

  3. (3)

    a public international body of which at least one EEA State is a member;5

  4. (4)

    the European Central Bank;5

  5. (5)

    the European Financial Stability Facility (EFSF) established by the EFSF Framework Agreement and any other mechanism established with the objective of preserving the financial stability of European monetary union by providing temporary financial assistance to the EEA States whose currency is the euro; and5

  6. (6)

    EEA States’ national central banks.5

[Note: article 8(1)(a) of the TD]

Debt issuers

DTR 4.4.2R

The rules on annual financial reports in DTR 4.1 (including DTR 4.1.7R (4)1 and3 half-yearly financial reports (DTR 4.2) do not apply to an issuer that issues exclusively debt securities admitted to trading the denomination per unit of which is at least 100,000 euros2 (or an equivalent amount).

[Note: article 8(1)(b) of the TD and article 45(1) of the Audit Directive]1

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DTR 4.4.3R

The rules on half-yearly financial reports (DTR 4.2) do not apply to a credit institution whose shares are not admitted to trading and which has, in a continuous or repeated manner, only issued debt securities provided that:

  1. (1)

    the total nominal amount of all such debt securities remains below 100,000,000 Euros; and

  2. (2)

    the credit institution has not published a prospectus in accordance with the prospectus directive.

[Note: article 8(2) of the TD]

DTR 4.4.4R

The rules on half-yearly financial reports do not apply to an issuer already existing on 31 December 2003 which exclusively issue debt securities unconditionally and irrevocably guaranteed by the issuer's Home Member State or by a regional or local authority of that state, on a regulated market.

[Note: article 8(3) of the TD]

Issuers of convertible securities

DTR 4.4.5R

The rules on half-yearly financial reports (DTR 4.2) do not apply to an issuer of transferable securities convertible into shares.

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Issuers of preference shares

DTR 4.4.6R

[deleted]3

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Issuers of depository receipts

DTR 4.4.7R

The rules on half-yearly financial reports (DTR 4.2) do not apply to an issuer of depository receipts.

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Non-EEA States - Equivalence

DTR 4.4.8R

4An issuer whose registered office is in a non-EEA State 5is exempted from the rules on:

  1. (1)

    annual financial reports in DTR 4.1 (other than DTR 4.1.7R (4) which continues to apply);

  2. (2)

    half-yearly financial reports (DTR 4.2); and

  3. (3)

    reports on payments to governments (DTR 4.3A);5

    if the law of the non-EEA State in question lays down equivalent requirements or the issuer complies with requirements of the law of a non-EEA State that the FCA considers as equivalent.5

[Note: article 23(1) of the TD]

DTR 4.4.9G

The FCA maintains a published list of non-EEA States,5 for the purpose of article 23.1 of the TD, whose laws5 lay down requirements equivalent to those imposed upon issuers by this chapter, or where the requirements of the law of that non-EEA State are considered to be equivalent by the FCA5.Such issuers remain subject to the following requirements of DTR 6:

  1. (1)

    the filing of information with the FCA;

  2. (2)

    the language provisions; and

  3. (3)

    the dissemination of information provisions.