The Traded Securities (Disclosure) Regulations 1994
The Regulations give effect to the provisions of article 7 of the Council Directive of 13th November 1989 co-ordinating regulations on insider dealing (89/592/EEC OJ No. L334/30). Article 7 requires that all companies and undertakings, the transferable securities of which are, whatever their nature, admitted to trading on a market which is regulated and supervised by bodies recognised by public bodies, operates regularly and is accessible directly or indirectly to the public, should be under an obligation to inform the public as soon as possible of any major new developments in the issuer’s sphere of activity which are not public knowledge and which may, by virtue of their effect on the issuer’s assets and liabilities or financial position or on the general course of its business, lead to substantial movements in the price of the securities admitted to trading. The authorities responsible for the market on which securities are admitted to trading may exempt a company or undertaking from compliance with the requirement if the disclosure of the information would prejudice the legitimate interests of that company or undertaking. In the United Kingdom, the obligation extends to companies and undertakings whose securities are admitted to trading on an investment exchange recognised under the Financial Services Act 1986.