New Notification Forms For PDMR Notifications Under Market Abuse Directive

Author:Ms Tara O'Callaghan
Profession:Dillon Eustace

Listed investment fund issuers currently use the standard PDMR form (also referred to as a Schedule 11) to notify the market about transactions in a listed investment fund issuer by the Directors and/or persons closely associated with them ("Person Discharging Managerial Responsibility" or "PDMR") and their connected persons.

The PDMR form has been revised to differentiate the information required under the Market Abuse Rules from that required under the Companies Act 1990 and it now comprises two distinct forms. These new forms should be used by listed funds with immediate effect.

Form 1 – the notification form to be used by an issuer making a notification under rules 7.2 and 7.3 of the Central Bank's Market Abuse Rules; this form should be used for all PDMR notifications and sent to both the ISE and Central Bank at the following addresses

Form 2 – in addition, the supplementary notification form to be used by Irish companies under the Companies Act 1990. Form 2 is only required to be filed with the ISE at the following address:

A template revised form to be used by issuers is attached to this information note and is available on the Investment Funds section of ISE website (

Reason for the Changes

Pursuant to the Market Abuse (Directive 2003/6/EC) Regulations 2005 (the Regulations), since 1 July 2005 the Central Bank of Ireland (the Central Bank) delegated market monitoring and investigation tasks to the Irish Stock Exchange Limited (the ISE). This delegation ended on 31 January 2012. The Central Bank will now carry out all monitoring and investigation functions formerly carried out by the ISE, in addition to its own monitoring and investigation functions under the Regulations.

Reminder of the Strict Reporting Timelines

Please refer to our Market Abuse Reporting Update issued on September, 2010 and available on the Dillon Eustace website, for details on the strict reporting timelines in respect of these PDMR filings.

PDMR Form 1

Notification of Transactions of (1) Persons Discharging Managerial Responsibility and (2) Persons closely associated with Persons Discharging Managerial Responsibility

This form is intended for use by an issuer making a notification required by Rules 7.2 and 7.3 of the Central Bank of Ireland's Market Abuse Rules in relation to a person falling within either of the above categories of individual. These categories are defined in Regulation...

To continue reading