FCA consults on changes to buyback announcements

The Financial Conduct Authority is consulting on changing the UK Listing Rules on post-trade announcements of share buybacks.

Current requirements

UKLR 9.6.6R requires an announcement to be made as soon as possible and no later than 7.30 a.m. the following morning containing certain information about the previous day's trades in connection with a share buyback programme. If an issuer wishes to benefit from the safe harbour for share buybacks in the UK Market Abuse Regulation there is a separate requirement for similar post-trade information to be announced within seven "daily market sessions" (i.e. trading days).

Proposed change

The FCA recognises that the requirement for a daily announcement is an administrative burden on issuers and proposes to change the rules to require an announcement within seven daily market sessions. In practice this would mean a weekly rather than daily announcement, and would align with the MAR safe harbour requirement.

See here for Quarterly Consultation CP25/24. Comments should reach the FCA by 15 October 2025.