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Status: You are viewing the version of the handbook as on 2015-11-02.

DTR 4.4 Exemptions

Public sector issuers

DTR 4.4.1RRP

The rules on annual financial reports (DTR 4.1) and 3 half-yearly financial reports (DTR 4.2) do not apply to a state, a regional or local authority of a state, a public international body of which at3least one EEA State is a member, the ECB and EEA States' national central banks.

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

Debt issuers

DTR 4.4.2RRP

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 4.4.3RRP

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) 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

3

Issuers of depository receipts

DTR 4.4.7RRP

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

3

Non-EEA States - Equivalence

DTR 4.4.8RRP

4An issuer whose registered office is in a non-EEA State whose relevant laws are considered equivalent by the FCA is 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).

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

DTR 4.4.9GRP

The FCA 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 FCA;

  2. (2)

    the language provisions; and

  3. (3)

    the dissemination of information provisions.