How the dissemination of regulatory information works
The FCA requires that public companies release their key news via a Regulatory Information Service. Most people assume that this means the LSE’s RNS service because it has such a large market share, but there are in fact a number of options.
The FCA maintains a list of authorised Regulatory Information Service Providers on its website but this list has not been updated for a number of years and some of the providers have ceased operation or merged with others.
The list, as stated by the FCA, is:
- RNS, or Regulatory News Service, provided by the London Stock Exchange
- Business Wire Regulatory Disclosure
- PR Newswire Disclose
- FirstSight provided by Romeike
- Announce provided by Hugin ASA
- News Release Express from CCN Matthews UK, which later became Marketwire
You can find out more about the requirements to become a Primary Information Provider on the FCA’s DTR 8 in the FCA Handbook.
The importance of regulatory announcements
For anyone buying and selling shares in UK companies, the RNS and other similar services are the most important source of news about UK companies. News released on these platforms very often forms the basis of investors and traders’ decisions to open or close positions.
The Regulatory News Service
RNS was launched by the London Stock Exchange in 1988 and replaced the previous Company News Service that had existed for a number of years.
The Regulatory News Service is estimated to have more than 90% of the UK regulatory disclosure market. To private and professional investors alike, RNS is synonymous with UK company news. This happens to such an extent that even regulatory announcements released via other platforms, such as PRN (PR Newswire) are still referred to as RNS announcements.
It is a requirement of maintaining a UK stock market listing that public companies keep a record of all regulatory announcements on their website. Some companies do this by embedding a widget on their website that feeds in the announcements automatically, other people use an RNS data feed to do it themselves, and others simply post the announcements manually. Your announcements will be consumed by third-party RNS websites such as Ticker.app.
If you’d like some advice on your website and RNS feeds, get in touch with the Copia team today.