The Whale conspiracy is dead!23 Feb 2026 16:05
Move on McNol....
A company generally cannot simply choose not to issue or disclose a TR-1 form if a shareholder crosses a mandatory threshold, provided the company is listed on a UK regulated market (e.g., Main Market) or a prescribed market (e.g., AIM) and has received the necessary notification.
Financial Conduct Authority | FCA
Financial Conduct Authority | FCA
However, the responsibility for initiating the process lies with the shareholder, and there are specific, narrow exemptions to the rule.
Here is a breakdown of the rules, obligations, and exceptions:
1. Who is Responsible for the TR-1?
The Shareholder's Obligation: The onus is on the person or entity acquiring the shares to notify both the issuer (the company) and the FCA when their holding reaches, exceeds, or falls below specific thresholds (starting at 3% for UK companies).
The Company's Obligation: Once the company receives this notification, it must make the information public via a Regulatory Information Service (RIS) as soon as possible, usually by the end of the next trading day for regulated markets or within three days for AIM