Notification of home member state

New provisions under the amended EU Transparency Directive mean that issuers need to make a notification of their home member state. If an issuer fails to do this, a default home member state will apply. The new rule applies from 26 November 2015 (see our briefing on the amended Transparency Directive).

Issuers who have a choice of home member state (some non-EU issuers and debt issuers) but who have not yet notified the FCA of their choice should make their notification by 26 February 2016. Where issuers have no choice of home member state they must inform the FCA of their home member state (if they have not already done so).

The FCA has published a standard form for issuers to use when making a notification, together with a statement giving guidance on the requirement. The form should be emailed to the FCA at The FCA will then forward the data to ESMA for inclusion in a centralised list, initially accessible only by competent authorities.

Where issuers have already made a notification to the FCA, otherwise than on the standard form, there is no obligation to make the notification again. However, the FCA asks issuers to update their notifications using the new form as this includes more detail than it has asked for previously.