The UK Financial Conduct Authority’s latest bulletin reveals a 39% decrease in delayed inside information disclosures, increasing market scrutiny on cryptoasset acquisitions and upcoming changes to short selling rules.
The UK Financial Conduct Authority (FCA) has issued Primary Market Bulletin 59 (PMB59), revealing significant insights into current compliance trends and forthcoming regulatory changes affecting listed companies. Central to the bulletin are findings from a review of issuers’ adherence to Article 17.4 of the UK Market Abuse Regulation (MAR) concerning the delayed disclosure of inside information (DDII).
The FCA observed a notable 39% decrease in the number of DDII notifications compared to its previous review in November 2020. Concurrently, the average length of delay in disclosure rose by approximately seven days, reaching 35.2 days. While the FCA suggests that this could reflect a reduction in the instances where information qualifies as inside information or a preference for less frequent use of delayed disclosure rather than attempts at non-compliance, it maintains a strong reminder that issuers remain obligated to submit timely notifications and uphold confidentiality in line with UK MAR requirements.
An evolving issue highlighted within PMB59 is the activity of listed companies acquiring cryptoassets such as bitcoin as part of their long-term treasury management strategies. The FCA has proactively engaged with these companies, emphasising their obligation to clearly communicate the potential risks and benefits to shareholders. This includes careful consideration of the impact such acquisitions may have under the UK Listing Rules, specifically regarding reverse takeover provisions, and ensuring compliance with financial promotion regulations. Moreover, the FCA has underscored that the acquisition of cryptoassets could constitute inside information, thereby triggering disclosure duties under Article 17 of UK MAR. Such guidance reflects growing regulatory scrutiny as mainstream corporations increasingly explore cryptocurrency investments within their financial strategies.
In further regulatory developments, the FCA announced that a consultation paper will soon be released proposing changes to the UK Short Selling Regime, which took effect earlier this year in January. An event to discuss the proposed policy modifications is scheduled for 6 November 2026, with registration now open for interested parties. This initiative indicates ongoing efforts to refine oversight in short selling practices in response to evolving market dynamics.
PMB59 also addresses technical procedural upgrades to market infrastructure. Following prior communications (notably PMB57), the FCA reminds firms about impending changes to the National Storage Mechanism, particularly the introduction of new metadata requirements effective from 3 November 2025. Issuers are encouraged to review and update their disclosure submission processes via the Electronic Submission System and Primary Information Provider to ensure compliance with these enhancements.
Overall, the bulletin reflects the FCA’s commitment to robust market integrity through vigilant monitoring of disclosure practices and proactive engagement on emerging market issues such as cryptoassets integration and short selling regulations. It serves as a critical reminder for listed companies to maintain rigorous compliance standards amid shifting regulatory and market environments.
- https://www.jdsupra.com/legalnews/uk-fca-primary-market-bulletin-no-59-9939042/ – Please view link – unable to able to access data
- https://www.fca.org.uk/publications/newsletters/primary-market-bulletin-59 – The UK Financial Conduct Authority (FCA) published Primary Market Bulletin 59 (PMB59) on 23 October 2025. The bulletin highlights a 39% decrease in daily notifications of delayed disclosure of inside information compared to the previous review in November 2020. Additionally, the average delay in disclosure increased by approximately seven days, reaching 35.2 days. The FCA reminds issuers of their obligations under the UK Market Abuse Regulation (MAR), including timely notifications and maintaining confidentiality. The bulletin also addresses listed companies acquiring cryptoassets like bitcoin as part of their treasury management strategy, advising clear communication of risks and benefits to shareholders and compliance with relevant regulations. Furthermore, the FCA announces an upcoming consultation paper on proposed changes to the UK Short Selling Regime, with an event scheduled for 6 November 2026. Lastly, the bulletin outlines changes to the National Storage Mechanism, including new metadata requirements effective from 3 November 2025, emphasizing the need for issuers to review and update their submission processes accordingly.
- https://www.paulhastings.com/en-GB/insights/uk-equity-capital-markets-insights/uk-equity-capital-markets-insights-november-2025 – In the November 2025 edition of UK Equity Capital Markets Insights, Paul Hastings LLP discusses the FCA’s Primary Market Bulletin 59 (PMB59), published on 23 October 2025. The bulletin reveals a 39% decrease in daily notifications of delayed disclosure of inside information compared to the previous review in November 2020. Additionally, the average delay in disclosure increased by approximately seven days, reaching 35.2 days. The FCA reminds issuers of their obligations under the UK Market Abuse Regulation (MAR), including timely notifications and maintaining confidentiality. The bulletin also addresses listed companies acquiring cryptoassets like bitcoin as part of their treasury management strategy, advising clear communication of risks and benefits to shareholders and compliance with relevant regulations. Furthermore, the FCA announces an upcoming consultation paper on proposed changes to the UK Short Selling Regime, with an event scheduled for 6 November 2026. Lastly, the bulletin outlines changes to the National Storage Mechanism, including new metadata requirements effective from 3 November 2025, emphasizing the need for issuers to review and update their submission processes accordingly.
- https://www.nortonrosefulbright.com/en-gb/knowledge/publications/ab5af7d1/essential-corporate-news-week-ending-24-october-2025 – Norton Rose Fulbright’s Essential Corporate News for the week ending 24 October 2025 highlights the FCA’s Primary Market Bulletin 59 (PMB59), published on 23 October 2025. The bulletin reports a 39% decrease in daily notifications of delayed disclosure of inside information compared to the previous review in November 2020. Additionally, the average delay in disclosure increased by approximately seven days, reaching 35.2 days. The FCA reminds issuers of their obligations under the UK Market Abuse Regulation (MAR), including timely notifications and maintaining confidentiality. The bulletin also addresses listed companies acquiring cryptoassets like bitcoin as part of their treasury management strategy, advising clear communication of risks and benefits to shareholders and compliance with relevant regulations. Furthermore, the FCA announces an upcoming consultation paper on proposed changes to the UK Short Selling Regime, with an event scheduled for 6 November 2026. Lastly, the bulletin outlines changes to the National Storage Mechanism, including new metadata requirements effective from 3 November 2025, emphasizing the need for issuers to review and update their submission processes accordingly.
- https://www.slaughterandmay.com/insights/corporate-update/corporate-update-bulletin-6-november-2025/ – Slaughter and May’s Corporate Update Bulletin for 6 November 2025 discusses the FCA’s Primary Market Bulletin No. 59 (PMB59), published on 23 October 2025. The bulletin reports a 39% decrease in daily notifications of delayed disclosure of inside information compared to the previous review in November 2020. Additionally, the average delay in disclosure increased by approximately seven days, reaching 35.2 days. The FCA reminds issuers of their obligations under the UK Market Abuse Regulation (MAR), including timely notifications and maintaining confidentiality. The bulletin also addresses listed companies acquiring cryptoassets like bitcoin as part of their treasury management strategy, advising clear communication of risks and benefits to shareholders and compliance with relevant regulations. Furthermore, the FCA announces an upcoming consultation paper on proposed changes to the UK Short Selling Regime, with an event scheduled for 6 November 2026. Lastly, the bulletin outlines changes to the National Storage Mechanism, including new metadata requirements effective from 3 November 2025, emphasizing the need for issuers to review and update their submission processes accordingly.
- https://www.walkermorris.co.uk/comment-opinion/capital-markets-update-october-2025/ – Walker Morris’s Capital Markets Update for October 2025 highlights the FCA’s Primary Market Bulletin 59 (PMB59), published on 23 October 2025. The bulletin reports a 39% decrease in daily notifications of delayed disclosure of inside information compared to the previous review in November 2020. Additionally, the average delay in disclosure increased by approximately seven days, reaching 35.2 days. The FCA reminds issuers of their obligations under the UK Market Abuse Regulation (MAR), including timely notifications and maintaining confidentiality. The bulletin also addresses listed companies acquiring cryptoassets like bitcoin as part of their treasury management strategy, advising clear communication of risks and benefits to shareholders and compliance with relevant regulations. Furthermore, the FCA announces an upcoming consultation paper on proposed changes to the UK Short Selling Regime, with an event scheduled for 6 November 2026. Lastly, the bulletin outlines changes to the National Storage Mechanism, including new metadata requirements effective from 3 November 2025, emphasizing the need for issuers to review and update their submission processes accordingly.
- https://www.traverssmith.com/knowledge/knowledge-container/quarterly-listed-company-update-whats-new-and-whats-next-october-2025/ – Travers Smith’s Quarterly Listed Company Update for October 2025 discusses the FCA’s Primary Market Bulletin 59 (PMB59), published on 23 October 2025. The bulletin reports a 39% decrease in daily notifications of delayed disclosure of inside information compared to the previous review in November 2020. Additionally, the average delay in disclosure increased by approximately seven days, reaching 35.2 days. The FCA reminds issuers of their obligations under the UK Market Abuse Regulation (MAR), including timely notifications and maintaining confidentiality. The bulletin also addresses listed companies acquiring cryptoassets like bitcoin as part of their treasury management strategy, advising clear communication of risks and benefits to shareholders and compliance with relevant regulations. Furthermore, the FCA announces an upcoming consultation paper on proposed changes to the UK Short Selling Regime, with an event scheduled for 6 November 2026. Lastly, the bulletin outlines changes to the National Storage Mechanism, including new metadata requirements effective from 3 November 2025, emphasizing the need for issuers to review and update their submission processes accordingly.
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is based on the UK Financial Conduct Authority’s (FCA) Primary Market Bulletin 59, published on 23 October 2025. ([fca.org.uk](https://www.fca.org.uk/publications/newsletters/primary-market-bulletin-59?utm_source=openai)) This is the most recent publication on the subject, ensuring high freshness.
Quotes check
Score:
10
Notes:
The narrative includes direct quotes from the FCA’s Primary Market Bulletin 59. ([fca.org.uk](https://www.fca.org.uk/publications/newsletters/primary-market-bulletin-59?utm_source=openai)) These quotes are unique to this publication, confirming originality.
Source reliability
Score:
10
Notes:
The narrative originates from the FCA, a reputable and authoritative organisation in the UK financial sector. This enhances the reliability of the information presented.
Plausability check
Score:
10
Notes:
The claims made in the narrative align with the findings of the FCA’s Primary Market Bulletin 59, published on 23 October 2025. ([fca.org.uk](https://www.fca.org.uk/publications/newsletters/primary-market-bulletin-59?utm_source=openai)) The information is consistent with other reputable sources, and the language and tone are appropriate for the subject matter.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is based on the FCA’s Primary Market Bulletin 59, published on 23 October 2025, ensuring high freshness. It includes unique quotes from this publication, confirming originality. The FCA is a reputable source, enhancing the reliability of the information. The claims are consistent with other reputable sources, and the language and tone are appropriate, indicating a high level of plausibility. Therefore, the overall assessment is a PASS with high confidence.