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Status: You are viewing the version of the handbook as on 2009-03-31.

DTR 4.4 Exemptions

Public sector issuers

DTR 4.4.1RRP

The rules on annual financial reports (DTR 4.1), half-yearly financial reports (DTR 4.2)and interim management statements (DTR 4.3) do not apply to a state, a regional or local authority of a state, a public international body of which areleast one EEA State is a member, the ECB and EEA States' national central banks.

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

Debt issuers

DTR 4.4.2RRP

The rules on annual financial reports (DTR 4.1), half-yearly financial reports (DTR 4.2)and interim management statements (DTR 4.3 do not apply to an issuer that issues exclusively debt securities admitted to trading the denomination per unit of which is at least 50,000 Euros (or an equivalent amount).

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

DTR 4.4.3RRP

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 4.4.4RRP

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 4.4.5RRP

The rules on half-yearly financial reports (DTR 4.2)and Interim management statements (DTR 4.3) do not apply to an issuer of transferable securities convertible into shares.

Issuers of preference shares

DTR 4.4.6R

The rules on interim management statements (DTR 4.3) do not apply to an issuer of preference shares.

Issuers of depository receipts

DTR 4.4.7RRP

The rules on half-yearly financial reports (DTR 4.2)and interim management statements (DTR 4.3) do not apply to an issuer of depository receipts.

Non-EEA States - Equivalence

DTR 4.4.8RRP

An issuer whose registered office is in a non-EEA State whose relevant laws are considered equivalent by the FSA is exempted from the rules on annual financial reports (DTR 4.1), half-yearly financial reports (DTR 4.2) and interim management statements (DTR 4.3).

DTR 4.4.9GRP

The FSA maintains a published list of non-EEA States which, for the purpose of article 23.1 of the TD, are judged to have laws which lay down requirements equivalent to those imposed upon issuers by this chapter. Such issuers remain subject to the following requirements of DTR 6:

  1. (1)

    the filing of information with the FSA;

  2. (2)

    the language provisions; and

  3. (3)

    the dissemination of information provisions.